This a continuation of a trade that started as a put side net credit diagonal. With the underlying chopping along nicely in a fairly tight range, I figured I'd add a short call aspect to beef up the credit received on roll, increase theta, as well as to smooth out/neutralize the delta in the setup. For lack of a better label, it's basically a "Calendarized Iron...
Either the gold miners will drop to the bottom of the triangle consolidation before starting their next run, or they will break out of the triangle without touching point E. If the latter happens, watch for the fake out - break out. Otherwise, it may be a good time to catch this run while the stock market is in a sideways consolidation phase for a few months. I...
GDX continues to outperform GLD .
This isn't what happens before a big $gold selloff.
Most likely, this is an advance-warning of gold's impending breakout.
The GDX-is a basket of gold-miners stocks.
I looked at some of these on an individual basis....
Most did not indicate any gold-rally just yet.
If the GDX-improves, I would play the gold-rally via the gold-miners because they rise faster than the metal.
I hope these five charts give you some perspective of different aspects of the gold--metals--gold miners...
Hey all I am seeing this set-up on a lot of miner charts and the underlying medals. I am new to trading and would be curious about this symmetrical pattern (flag?) and how it is typically resolved based on the volume and other indicators I have included. Thanks
GDX has been in a very narrow trading range for some time now with very clear support and resistance. All indicators looking like an upside breakout. I believe that patience is the key. Happy Trading!
- as previous idea of DUST failed to break up, GDX is going to increase, HOW important STOP is!
- Pink one told us it was a good entry at the triangle bottom which I ignored previously
- Harmonics Patterns (Blue and Orange) tells us 2 resistance prices (targets) with 2 Bat patterns
If miners are the leverage play on gold and golds about to tank then why is someone have/been setting the floor on gdx for a long time....selling puts at the lows has paid handsomely and soon we'll find out if the buying is real.
... for a .03/contract credit.
Another small, defined risk neutral to bullish assumption directional a la the XOP diagonal I just put on. (See Post Below).
As with the XOP trade, shooting for the long maintaining at least 50% of its value at expiry of the shortie at or near worthless or (alternatively) its value exceeding the value of the shortie by .32/contract...
I was a little early on this one. Volume below says there is still support for the thesis. Chop first then go in time. This week likely more chop waiting for NFP.
GDX has 2-3 months cycle and current price is supported by lower end of the BOX.
GDX would rebound soon but Strong Dollar will depress GOLD and GDX soon.
Be patient for next short opportunity within two seeks.
