We printed a classic pattern. After the big shakeout on 04th October (1) sellers clearly were drying up (2).
We a had a few days consolidation as a fight at the 200 on average at the bottom of the cup and above average we broke above the 200 and 10 on the 18th October (3).
During the last 3 days we are not just holding the gains above the 200 and 10 but also printing a low pullback as the handle of the cup. The daily close was printed above the 20 . When comes in next week we are going to break out of the cup&handle pattern.
The next 2 important confirmation that the bottom is in:
-the gap fill between 25 and 26$
- and the 10 and 20 crossover
Today we will get our island reversal.
There is not going to be one more leg down....
Just ignore the shortmen's post below.
GDX is testing back the 200 SMA on low volume again.
It's is easy to troll and scare the sh... out of ppl when price is moving against them like yesterday. I was posting and explaining when GDX and GDXJ was breaking down.
But I would like to ask where are you now when price is moving against you?
We we are waiting for your chart and explanation whats happening ?
Of the many aspiring traders on this site, I was hoping you would be one of those who would go looking for answers on how its done. Didn't mean to come out that way as you portrayed. Its not that we don't want to share, its the time, efforts, energy one needs to spend and I currently have my hands full, that's all.
I remember words of a wise man, entries/trade selection is highly overrated, money management comes first!
The problem is that we won't know until (and if) the price breaks out above the upper border of what appears to be the flag. And, due to the inclining nature of the flag, the later it happens timingwise, the further up is the level the price has to break out off...
Yes, there are instances he made some incorrect calls BUT overall he's made me alot of money and I'm guessing many others as well. If you were to listen to those retails that comment on his posts, if you check I'm sure most, if not all were dead WRONG!
We should be thankful he's providing us with his analysis for FREE. He should be charging this type of information!!!!
I posted today that I agree the 200d on GDX is worth watching, but the GDXJ 10d is immaterial and used you own chart to make my point on that. I am watching gold from here and not just the miners. I will be watching the retest of the 1269/70 area which is the top of the bull flag(?). That area holds / bounces and we could have a nice area of support. I could also see gold ride down for one last trip to the bottom of the flag near term before going higher. I would look at the 1256/57 area to hold up if that is the case as its also the area where we saw a breakout of the triangle we saw on the 4 hour chart in gold that started forming on Oct 5 and broke out of that triangle on Oct 18.
So i'll sit tight for now and wait for either a retest of the top of the bull flag or that 1256 area to provide support. Could it just take off and leave me in the dust? Sure... but there will be other trades and I prefer patience.
I'm not a prisoner of the moment like most here. Today's green.. tomorrow could be red. No one is right or wrong .... yet. I wasn't even saying that Apri's trade was or would turn out wrong. I actually made a point of saying that his ideas are often good and I agree with them. What I did say was a fact; that his entries could definitely use some work. A big piece of trading isn't just knowing you'll been on the right side "one day".. it's about having been right and timing it correctly. I don't knock him for his timing.. its the hardest thing to perfect in trading and I (unlike Apri) won't act like I have all the answers. I took issue with his narrative around his entires as he comes across as "this is absolute, no doubt about it". It's just unnecessary. You post trades and say things like he does and it opens himself to criticism. Things like he stated on gold mumberous times about those who aren't in will be left behind over night. Or here about being "left in the dust" ... or NG where he touted his entry only to get crushed and stopped out within a few days only to later tout how he "re-entered the short position at the top".
Frankly, it's constructive criticism. He has some great ideas and insight. He should just try taking some of the emotion and arrogance out of his posts. There should always be some room for error in entry.
Last I'm going to talk on the issue. This is thread. I have hijacked it enough!
Good luck! I'm currently out of gold and would be happy to see you all profit from here. I can always catch the next money train. :-$
I get it... it's amateur hour here and most are sheep just looking to follow a trader. So you just stick to stroking him blindly. Got it. My favorite part is when he threatens to leave for twitter bc he can't take anything but gushing compliments in the comment section. Then you all beg him not to leave like good little sheep.
I was trying to do the sheep here a favor as he talks a huge game and gets amateurs to blindly follow... meanwhile his entries are loose (with leveraged 3x ETFs) and he has simply abandoned losing trade ideas in the
Fools and there money as they say...
Everyday there's an opportunity for you to learn and tonight's your lucky night! So today's lesson is this:
Stop being so defensive - it's a waste of time and it won't help with your trading. Instead.. post an awesome looking chart with a detailed Analysis that explains your point of view and then.. walk away. That's it! You see how easy that is?
Ok, your turn :)
To tell you the truth.. We live in a world where some people need to be told off now more than ever (Bjorn is/was a perfect example of that). And every once in a while I just wanna indulge.. it's all Ego of course but it's incredibly gratifying. Aside from that.. I am very respectful (and loving) with most and very much enjoy sharing and contributing ideas.
I do find it interesting that you feel the need to pipe up every now and then as well -- have you noticed? Maybe you and I aren't so different after all, Lol!
If you have ideas that does not agree with another persons, why impose your idea on them? People like you who insist on contradicting others ideas don't respect the randomness of the market and it shows lack of experience and discipline - two very important traits for profitable trading.
Do you even have a system? Arpi's system is not the same as yours, does that mean it's wrong? Does that mean that his does not have an edge?
You are delusional if you think there is more than one system that works in the markets.
That's simply constructive criticism. Not one place have I said he or his system is wrong.
In fact, I said the exact opposite. That no one is right or wrong and that he has a lot of great ideas. That's called constructive criticism. Maybe we should just all sit in a drum circle and blow smoke up one another's butt.
You did great job continuing holding JNUG ,it seems we will open with a huge gap since GOLD is up 3.5% . Unfortunately I got out on monday from JNUG ,took some profit because didnt want to see all my position sink if clinton would wins..
Now I want to reenter and buy JNUG if you think it will ride untill the end of year.. Should I enter at the opening or it will have a correction down before?
(I am a lso waiting for your update on UGAZ ..)
You are great !!