Direxion Daily Gold Miners Index Bull 2XSharesArca
Description
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I think gold retests the previous highs after a nice double bottom.
I am going to see if I can get a pull back from the strong run up today and use the following setup: Trigger:20.65 Stop:16.54 Target: 35.66 (previous highs)
The stop has the double bottom support and the 200simple in its favor for a very conservative stop.
I will hold this position as as long as I can and if I hit the target by december I will buy a protective put at that level to play the potential of profit of no rate hike and protect from a rate hike.
***Oh ya the second setup is if I miss the miss the 1st setup
Comment
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Sorry Guys,
I learned over the weekend that you should not hold triple leveraged ETFs over night due something called re-balancing and some other scary things I do not understand so this trade is canceled, but is being re setup using GLD