The weekly chart for GDX has created a bull flag pattern. The stock is finally breaking out with the market weakness. I am aiming for the $37.30 price level as a potential target but the prior $31.30 level could provide some resistance. Of course, if the market finds strength again then be ready to take your profits on this one quick.
What your take profit targets Chartimistic? Thanks!
Chartimistic
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@intipu, I like to use Fibonacci Extensions & volume to see where potential profit levels are. If you see green dotted lines on my charts those are the levels I am targeting. So if I have three green dotted lines I would take profits each time price hits one of those zones by selling off some of my position. It is too early to try to "protect" profits on this trade so I would be stopped out if the move goes against me by falling back into the wedge pattern. From there, I would just keep an eye on the chart to see if it breaks out again or breaks down through the pattern.
transparent-fx
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thank you for your content, i love seeing traders learn and share their knowledge, hope you are also taking value from my content
Chartimistic
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@transparent-fx, Thank you for the kind words. I try to keep it simple but I am always trying to learn more from all of you who add content to this site along with the numerous other sources available out there. I have checked out your work from time to time, very impressive. I don't trade a lot of currencies but very useful information for all of us. Happy trading!