chartwatchers
Long

GOLD MINERS - Light on the horizon

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
3032 30 57
4 months ago
Yes this is bullish .
We have the daily swing.
We have a new high after the swing.
We have the MACD crossover.
RSI left oversold. SLowStoch turned up.
Daily maximum close.
Gap open today and no gap close.
It was an ICL at 22.50 and couldn't break below the previous ICL
A break above the 200 SMA and holding these gains.
I highlighted by blue rectangles how important the 200 SMA was in the past.
ANd a golden rectangle what happened last time price broke above the 200 SMA .
It never tested back again
The correct strategy here is to get into the position and let it run.
It can rally for months. This is just starting.
Next resistance: 25.09 the bottom of the gap.

The only thing we are waiting for the big volume day when gold             is printing the daily swing. You must be in position by that time.
4 months ago
Comment: Gold printed the swing today. So this is our big volume day here.
Today is the last chance to enter in miners with a good price.

GDX,GDXJ,NUGT,JNUG will open wit ha gap.
To not get left behind the best plan is the next:
Plan the position size before the open.
Buy at the open the 50% of the planned poistion. Add 25% around the middle of the gap, add the rest 25% at the gap close.
If there is no gap close than at least you have 50% of the planned position. If there is a gap open you will have a better entry price.

I'm adding to my position with the same method today.
4 months ago
Comment: Today's action on the picture.
Though the gap was not filled we are in profits with all these late positions.
snapshot
4 months ago
Comment: Nice follow through today. We opened with a gap and the gap wasn't filled -> bullish.
Price almost tagged the bottom of the next big gap. I was thinking what happens if Draghi tomorrow starts to strengthen the euro .. Gold could pop and miners would open wit ha huge gap. And we could have an island reversal with the first Bear Island in this bull.
snapshot
4 months ago
Comment: I still would like to see a bug volume day , the same when weak hands were selling their shares on the 4th of October. It would be a short squeeze.
Let's see what tomorrow brings.
4 months ago
Comment: Cup and handle is forming in GDX
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bhowe
4 months ago
Great info, thanks for sharing. I'm already in. It has the feel of an ICL, but there is the slim possibility of a late DCL. Thoughts?
+2 Reply
chartwatchers PRO bhowe
4 months ago
this ICL also a DCL.
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Nightstar chartwatchers
4 months ago
And quite possibly a YCL.
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nmvipe711
4 months ago
I'm Long with you on this one. The way you just laid it out makes this poster-child of a ICL and reversal to the upside. Thanks for sharing Arpi!
+1 Reply
bertcoin PRO
4 months ago
Thanks for getting me in at the right time on this one. NUGT is up 17% so far....
+1 Reply
traderzaius
4 months ago
Let's see what happens. Gold still hasn't put in a swing low and the powers that be are making sure it doesn't. Going to need some news to propel the event sooner or later.
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Staxs
4 months ago
Makes sense.
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VirtualFax
4 months ago
Sounds like a plan. Thanks Arpi.
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webmiztriz PRO
4 months ago
:)
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mater PRO
4 months ago
I believe there's one more correction pending to 22 before it will be a buy... watching it closely
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Nightstar mater
4 months ago
And in the meantime you are missing out on a potentially lucrative swing trade! When opportunity knocks you gotta adapt and jump in :)
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mater PRO Nightstar
4 months ago
I think the drop is coming in a day or two, otherwise I'll also jump in on next correction..
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Nightstar mater
4 months ago
Good! I want you to make some mooooney! And then we can gloat.
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mater PRO Nightstar
4 months ago
almost there.. i believe we should reach my target early next week.
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nnavarrete PRO
4 months ago
EW traders are expecting another drop. They are gonna get fkd when this goes mad bull again :)
+2 Reply
VirtualFax
4 months ago
With the two, what potentially could be runaway gaps in a row, the island will definitely provide a significant bullish impulse. Though I hope but don't really hold my breath for the island to print...
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jolu
4 months ago
THANK YOU ARPI !! YOU ARE THE BEST (:
where are all those who spoke against you when you strongly advised to buy...
Today wee close on the EMA20 for JNUG and there is still more to go up before a possible little pull back which may allow to take profit and buy at better price.. i am looking for this price, any thoughts?
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chartwatchers PRO jolu
4 months ago
They will be back at the first DCL at the middle or end of November calling gold going to 900$.
I will be hated again when gold drops 15-20 $ in a day.
JNUG is not good for charting. If you want to see JNUG chart in GDXJ , if NUGT then GDX.
I don't suggest to jump in and out. Just ride this bull. There will be powerful pops and you will miss them if it gaps up.
Reply
jolu chartwatchers
4 months ago
Ok , i am with you on it. I will chart GDXJ but won't sell.. maybe just to look for other points where to add to my position without a big risk of pull back..
Thanks again! realy appreciate your comments
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AhmedKhattab
4 months ago
what about gold XAUUSD Arpi, we are waiting for your advice?
when it starts rally? does it will decline to 1228$?
thanks
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chartwatchers PRO AhmedKhattab
4 months ago
1228 is not on the table anymore
+2 Reply
bracken
4 months ago
a game changer? This bull may have legs

http://www.kitco.com/news/video/show/Kitco-News/1391/2016-10-18/The-US-Dollar-May-Be-Fading-But-Not-For-The-Reason-You-Think
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bracken
4 months ago
near term Comex (gold and silver) options and futures expirations next week wednesday and thursday. usually means smackdowns on the pm-sector (not 100% always but be careful). first notice monday 31/10. Any smackdowns should be used for buying imo
+1 Reply
jolu
4 months ago
I think we may open tomorrow with a gap on JNUG.. we are heading up!
Thanks arpi(:
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paix_keeper8 jolu
4 months ago
A gap down?
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mrtommifunn PRO
4 months ago
Dollar may have finally formed a top - and about time too .....
snapshot
+1 Reply
pbartashevich PRO
4 months ago
Hi Arpi,

I think $1228 is still on the table. Until those consolidation patterns are not invalidated I would advise to be cautious. Next week will tell. Gold and Silver still can push up a bit before anticipated drop. GDX has a flag on I am watching. If it breaks it up then it is bull.

GDX
snapshot


Gold
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Silver
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SalN PRO
4 months ago
Anyone know how to measure the possible c&h breakout reach?
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chartwatchers PRO SalN
4 months ago
It's better to watch here the time when to close your longs. If you follow me here I will try to sign the exit zone in December or January.
+1 Reply
xsubtownerx PRO
4 months ago
@ new comment, I agree it looks like a C&H. I'm banking on gap fill for the low of the handle. Can't tell from that new chart but something close to the low 24.00 area.
Reply
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