Direxion Daily Junior Gold Miners Index Bull 2X SharesArca
Description
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Chart Details Long consolidation wedge ready for breakout. Caution with gaps above and below. World events and monetary policy tell me this goes higher. Next Daily trend is Bullish. Weekly trend already Bullish and turned up. Weekly RSI trend is our guide for stop. Price target $100 Stop $74
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@wubs001, Bearish ema cross and bearish 10week cross. Entries are at gaps or resistance of wedge.
Use RSI below 30 on Daily view as indicator of entry. Otherwise that 50ish gap is money long term
Good luck
wubs001
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@MoneyPatterns, you think this is the breakout you called or do you think it will move closer to your consolidation point
MoneyPatterns
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@wubs001, We did get a breakout today and the EMA bullish cross. So technically, yes.
Just beware of the 1HR gaps on chart. I see one around $75 which is back in pattern.
Overall we are really close to end of pattern. Also, closing of the $75 gap would invalidate the current EMA bullish cross.
Whole market very iffy right now. Everything could flip back. Set stops and you will be good. :)
wubs001
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@MoneyPatterns, still learning how to position them, these etfs seem different then the normal trailing stop loss i use. They get volatle and i get stopped out and then it climbs higher lol