We are printing a flag here with an especially low volume on the last 2 days... Sometimes next week it's going to break down. I was watching the chart today and noticed that on the 27th of February GDXJ lost all of its chance of going higher and printing a powerful intermediate cycle. It broke below the 100 EMA on high volume on that day. On the 15th of March it tried to regain the 100 EMA but failed. So actually I think it was capped by a few big players in this whole IC... When gold is printing its first semester low in the following weeks GDXJ will give a unique opportunity for a few traders to load the trains with junior miners for the next decade.
When the technology bubble pops with these criptocurrencies these guys will be heading to gold's golden age with their horrible miner positions. So I'm planning to collect some cash on this way down but sometimes this summer we will be buying our tickets to the miners bull train... Till that time I'm holding my shorts.
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We will break down the bear flag today.
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goldbug778
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Hey arpi,
This was going great 2 days ago, but now shorts are getting hurt.. What do you think, is this a trap or change in direction?
chartwatchers
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@goldbug778, God hasn't finished its ICL decline yet. So this is just a dropbecore the big pop in dust and jdst
JesseL
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@chartwatchers, My GDXJ chart displays the EMA ribbon, and it appears to supports your thesis regarding the resistance at the 100D EMA.
KasperAndersen
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you are the best trader I have followed so far. Hands down, impressive and you are time and time again confirming my own intuition, but much better in the end. Grattitude towards you
psp
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important level - impacting JDST
lantao517
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@psp, where do you expect GDX/GDXJ to go? thank you
about GDX/GDXJ? seems like the panic selling is not happy yet, and expect the panic selling happen soon once Gold price decline to below 1200.
How do you evaluate GDX/GDXJ?
Thank you
@psp, it bounced from $31.04, so what do you conclude?
psp
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@lantao517, Yes I expected a bounce as indicated by the charts. I entered a small JDST position near the end of day based on these lines of support and resistance. Tight stops. I will close the position above $32.13 and add to the position below $31.04. I am mainly holding short some gold futures contracts right now.
If we close below $31.04 on GDXJ look for a nice bounce in JDST. Good trades to you! This is very tough trading right now so be cautious and its always better to wish you had more profit than taking a big loss ;)
psp
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@psp, Please note I use GDXJ chart to time the entries in JDST and JNUG
This was going great 2 days ago, but now shorts are getting hurt.. What do you think, is this a trap or change in direction?