IvanLabrie
Long

GDX: Time at mode uptrend with two targets

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
8 months ago
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.
8 months ago
Comment:
snapshot


GDX might outperform gold by 10 to 30%.
8 months ago
Comment: Good progress so far, I'm in from 20.72.
Let's see how far it goes.
8 months ago
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.
7 months ago
Trade active: Retracement came, long again.
7 months ago
Trade closed: target reached: Boom, nice dip buying right here guys.
7 months ago
Trade active: Taking a short miners, long GLD pair trade is wise.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
bracken
8 months ago
I could not agree more :agree:
+1 Reply
IvanLabrie PRO bracken
8 months ago
Let's see how it goes, good luck!
+1 Reply
bracken IvanLabrie
8 months ago
We should not forget gdxj (gold mining juniors) though. They usually move like or even lead gdx but with a leverage. Be very careful with dust and nugt unless for daytrading.
Reply
IvanLabrie PRO bracken
8 months ago
I don't do leveraged instruments, but thanks for the heads up.
GDXJ looks really good too.
Reply
archiki
8 months ago
just what i needed :0!
+1 Reply
IvanLabrie PRO archiki
8 months ago
Hang in there, I see it hitting the targets with ease.
Cheers!
Reply
archiki IvanLabrie
8 months ago
Cheers!
Reply
dingying85
8 months ago
looks like my hypothesis is right:) i think maybe GDXJ can be better
+2 Reply
IvanLabrie PRO dingying85
8 months ago
I hope you took the long!
Seems like my analysis favors your thesis.
Cheers :D
Reply
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