GDX: Time at mode uptrend with two targets
GDX has traced a nice accumulation pattern, after the monthly downtrend expired in September 2015.
It's currently confirming a time at mode uptrend which aims for two possible targets, 23.21 and 30.67.
Considering the monthly downtrend mode resistance sits at 23.89, the first target seems way more likely to get hit.
I'm long from a discretionary entry I took a day ago, but you can enter either now, or on a slight retracement, with stops under 19.51.
Good luck if taking this trade.
Cheers,
Ivan Labrie.
It's currently confirming a time at mode uptrend which aims for two possible targets, 23.21 and 30.67.
Considering the monthly downtrend mode resistance sits at 23.89, the first target seems way more likely to get hit.
I'm long from a discretionary entry I took a day ago, but you can enter either now, or on a slight retracement, with stops under 19.51.
Good luck if taking this trade.
Cheers,
Ivan Labrie.
Comment:
Good progress so far, I'm in from 20.72.
Let's see how far it goes.
Let's see how far it goes.
Trade closed: target reached:
Target #1 hit, if it retraces we might be able to go long again.
I'd tread carefully, considering where gold is sitting currently.
I'd tread carefully, considering where gold is sitting currently.
Trade active:
Retracement came, long again.
Trade closed: target reached:
Boom, nice dip buying right here guys.
Trade active:
Taking a short miners, long GLD pair trade is wise.
GDX might outperform gold by 10 to 30%.