AMEX:NUGT   DIREXION DAILY GOLD MINERS INDEX BULL 3X SHARES
If you have cash, and have been sitting on the sidelines, here's a low risk opportunity. I know its hard to chart NUGT             (3x) its better to track GDX             . BUT, the trend line looks to be support. GDX             is having a stop run below a double bottom . Im buying NUGT             today watching intently for buyers to come into the market and wisk this 3x higher at the close.
Comment: GDX double bottom stop run. Look for a reversal here.
Comment: NUGT nicely moving higher. Looking for a 61.8% retrace to the box as the target. There will be pullbacks along the way to add on. May get one today. Buy the dips.
Comment: Next stop $1365 for gold XAUUSD. Resistance will be there, but we will push thru to a new high.
Comment: GDX Outlook
Comment: Looking for a 50% retrace of yesterdays gains to add to my NUGT position. BUY order in at $27.22
Comment: Adding to NUGT and JNUG on this drop. Good spot to add 50% retrace of the big move higher. 27.22
Comment: BUY the dip, NUGT and JNUG.
Comment: H&S pattern in Gold, may see a dip before a bigger run higher
Comment: H&S pattern appears to be breaking down. I will exit positions today

Trade closed manually:
Comment: Im still holding this, the H&S pattern still intact.
Trade closed: target reached: US Dollar pushing higher. Looking at the hourly chart, trend line break and higher highs. Looks like the H&S pattern is failing, and a bull flag AB=CD pattern may emerge.

Related Ideas

are you still holding NUGT long? currently the miners are pretty weak. It did not follow Gold and gold is also weak. thx
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Hi bhowe!
We´ve got an high volume low on Friday. It´s still a very dangerous situation for a bullish sentiment. This Friday low is going to be retested.
Reply
bhowe Mickette1
@Mickette1, You expect a new low in NUGT? That would be a new DCL and thus a new cycle. We are only on day 2. Miners run 24-28 day cycles. I don't see it. Post a chart please.
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@bhowe, GAP open 23.00-23.27, surely waiting to get filled
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bhowe Mickette1
@Mickette1, Ms Mouse, there is no such gap on the underlying security GDX. Charting off of triple leverage doesn't always work out. I will watch it, thanks.

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@bhowe, yes I have just looked at the GDX and I now understand your bullish take on this. On Friday there was a bullish engulfing pattern to observe on very high volume.
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Great work. I think gold still needs to drop to 1304 and that would drags the GDX to 20.90ish. Either way, it is about time to turn
Reply
bhowe marjmandi
@marjmandi, GOLD already hit 1307. Should be the low
Reply
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