GDX trade ideas
GDX plan for 8/6/2019Apparently my time off is not good and missed most of the crazy run last two days.
So for tomorrow, if GDX gapped down and failed to close above 28.6 will make it a bit bearish on daily. Ideally we should see price supported by 28.13 and end up tomorrow with a long tail. Xau 4h printed a bearish engulfing. A little cautious and need to review again tmr morning.
Gap up to 29 will be pretty nice and 29 will be support for continued higher. Would play a bit aggressive in this case.
I would think ~50% chance will be range traded in 28.1 to 28.6. Will not play big here.
Otherwise, no interest to short at the moment.
GDX gap again?I know it is 9 waves from the low. But if it holds 28.9 level, it is a gapper for me tomorrow.
GDX Under-Performing Gold & HUI = Miners Anticipating Lower GoldGDX is still 12% below its 2016 highs, despite Gold having already surpassed its 2016 peak of 1375 by roughly 5%.
On top of this, the GDX having more exposure to unhedged miners should result in GDX out-performing the HUI hedged senior miners in a bull market. This is not the case, as the GDX is actually under-performing the HUI. Highest probability assessment is a retest $25 GDX.
Don't be like the many people who bought the "gold to the moon" hype in summer of 2016 and bought in at the highs and then subsequently got their a$$es handed to them.
GDX 7.31.19 PlanToday's action is not bad. Still leaning towards upside b/o. Can buy or sell when outside of triangle.
GDX: Time for buying PanicWith today's 24.80 at pre market, the ABC Correction should be seen as finished. Time for longs to return.
GDX - Possible breakout downwardsGDX broke out of the recent range to the downside. Could be a potential sustained downtrend in the short term.
Entered half position in $DUST so far, however have stop loss tight and waiting for further confirmation of the breakout strength before entering remaining position.
GDX Short to 24.50ishNeeds to close the gap from past run up and test new support around 24.50 then proceed to test resistance again.
GDX Wait for breakout
15 min chart: forming ascending triangle (consolidating)
Wait for the resistance breakout.
Daily GDX trend prediction analysis19-JUL
www.pretiming.com
Investing position: In Rising section of high profit & low risk
S&D strength Trend: About to begin an adjustment trend as a upward trend gradually gives way to a slowdown in rises and falling fluctuations
Today's S&D strength Flow: Supply-Demand strength has changed to a strengthening selling flow when stock market opening.
Forecast D+1 Candlestick Color : GREEN Candlestick
%D+1 Range forecast: 1.4% (HIGH) ~ -0.9% (LOW), 0.8% (CLOSE)
%AVG in case of rising: 2.0% (HIGH) ~ -0.4% (LOW), 1.6% (CLOSE)
%AVG in case of falling: 0.6% (HIGH) ~ -1.4% (LOW), -0.6% (CLOSE)
Gold miners relative to S&P500 20 RRR shortTrading Methodology:
1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite trend line .
4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the fibonacci retracement ; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line.
This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for? I will only be posting my unique trading strategy until EOY. I work solely with price action to identify pennants and apply unique trend-based fibonacci retracement levels for SL and TP levels. Reach out to me if you have any questions.
Everyone is bullish metals and miners....Everyone is bullish metals and miners, but looking at the fib levels on the weekly chart it looks like it needs to pull back to the lower fib level before it can go higher. $GDX, $NUGT, $DUST
Gold Miners - Catching the retrace downWelcome back guys! Sorry for the inactivity over the last few months, personal life has been quite busy. I should be posting regularly from now on so stay tuned!
*Please see comments for supporting charts*
Gold has gone into a consolidation period after making its massive run up, we should expect to see it trading within the symmetrical triangle for the near future. Right now it’s hard to tell whether the breakout from the triangle will be to the upside or downside, however I will go over several reasons why I think the downside scenario is more likely:
1.) Potential Bottom for Yields
a. The 10yr yields look to have potentially found its bottom. If this is the case, it’ll most likely consolidate around the bottom before making a run upwards, which will have a negative effect on gold.
b. If you look at how the 10yr chart, you’ll see that it recently broke out of a descending wedge pattern. This classic signal usually means a bullish sign, but we’ll have to see if the bottom can hold.
c. The bond market has been contradicting the equity market for a long time now, with bond prices soaring while stocks reach all-time highs. I think it may be time for bond investors to take some profits amid an economy that is still not showing any signs of a major recession.
2.) US Dollar Still Has Room To Run
a. The USD has been trading in a range for about 2 months now and it looks to be developing an inverse head and shoulder pattern within an uptrend.
b. If what the chart is telling us is right, then it means that the next breakout will likely be to the upside, which is also a negative for gold prices.
What does this mean for the miners?
The miners have clearly benefited from the increased gold prices, however they’re also trading in a range currently.
I’ve drawn out the possible paths that the miners could take based on what happens with gold, I’ve entered a small position in $DUST earlier today near the intraday high on $GDX. Will closely monitor the trade in case gold does breakout to the upside instead. I will also be looking to take profit near the first support ($25.08 on $GDX).
Just a idea as past repeat it selfI was looking at copper and silver . They are not following at all why. No inflation ?
Daily GDX stock forecast analysis for stock investing strategies03-Jul AMEX:GDX
Price trend forecast timing analysis based on pretiming algorithm of Supply-Demand(S&D) strength.
Investing position: In Rising section of high profit & low risk
S&D strength Trend: About to begin an upward trend as a adjustment trend gradually gives way to increasing limited falls and strong rises.
Today's S&D strength Flow: Supply-Demand(S&D) strength flow appropriate to the current trend.
read more: www.pretiming.com
D+1 Candlestick Color forecast: GREEN Candlestick
%D+1 Range forecast: 2.5% (HIGH) ~ 0.1% (LOW), 2.1% (CLOSE)
%AVG in case of rising: 1.9% (HIGH) ~ -0.4% (LOW), 1.5% (CLOSE)
%AVG in case of falling: 0.6% (HIGH) ~ -1.3% (LOW), -0.7% (CLOSE)
