Direxion Daily Gold Miners Index Bear 2X SharesArca
Description
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Basic idea with a possible J-hook forming. I like Dust's bottom curve formation and the fact that it gaped bull 3 days ago. Stop is the gap area.
This idea breaks if Dust fills the gap, can't stay above the 10EMA and it loses it's curve like feature turning into a J shape.
The markets are wild so you need to make your own calls. Market forecasts (charts) are best guesses and not investment advice.
Trade active
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I also like that the 3ema and 10 ema crossed.
Trade active
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Could see some bear selling, but needs to close above 10ema.
Trade active
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Gold rocked, but miners didn't keep up??? Dust should have sank to 25ish, but didn't. The curve is broken, but a shot up could keep the J-hook in place. Filled the gap today. This needs to stay above $29.
Today made no sense and it makes trading confusing. I know miners aren't exactly gold, so you have to chart what you see in the miners only.
I concur, opened 1/2 position today looking to get full position on pull backs
7878max
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@oetcap, It's looking good, but the markets can break anyone's good vision.
Best thing I like is the bottom curve. Curves seem to work out more often. See what happens........
oetcap
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@7878max, Indeed. I like the curve as well. What I don't like it the high volume spike in GLD towards close. Watching closely.
7878max
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@oetcap, Yes, gold hit the 50 SMA daily and bounced. It's to be expected as gold just came off a bull run. I think XAUUSD gold closing above 1265 is bull and closing under 1257 is bear. I feel that the gold 50 sma needs to be tested more than the touch off today, but that's to be seen.
Gold getting a 3ema and 10ema downward cross is needed to remain bear.
My target for gold is to 1228 if it remains bear.
oetcap
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@7878max, Thanks, in Asia currently gold 1265 - 1267. Going to be interesting in NY after the N. Korea threat/Trumps response today.