Caveman Gold Trading with P&F and Trendlines

"Analysis paralysis" can often be avoided by simple indicators like Trendlines and P&F signals

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A few X's in here very soon would be likely as the selloff is most extended.

April's trendline break above the low 60's is a good area to watch.

Edited by Rogerdodger, 18 June 2021 - 11:03 AM.

.Posted 18 June 2021 - 11:00 AM

"A few X's in here very soon would be likely"

"April's trendline break above the low 60's is a good area to watch."

So I bought NUGT at Friday's extreme close, missing the bottom by 2 cents!

I put in a buy sell at open for Monday and got the expected gap up.

We did get 3 P&F X's as we topped at $62.23

And now we are back at the P&F "support" bottom...

Gold and Silver try to break out: FAILURE

Gold and Silver attempted to break out of consolidation on Wednesday and failed. Around 9:40 EDT, Gold, Silver and Platinum started to run higher and looked like they would break to the upside. By day end, Gold and Silver were on their lows of the day.

This once again proves that the trend is your friend, which increases your probability of making money trading. As we have clearly warned, there are no guarantees that we will be right on the next move; however, knowing the win rate helps you manage your trades.

For now, consolidation is the pattern, and the current trend is lower. This will keep us, sellers, probably with a more aggressive attitude. Wednesday's failure indicates there is more underlying weakness

 

I edited the "buy" because I SOLD at the open. My Bad.

Edited by Rogerdodger, 24 June 2021 - 07:14 PM.

Can't say you weren't WARNED!

i like that 56 area if all hell breaks loose...nice work on the charts

donc

ill say