DUST (3x short gold miners ETF) will be added as an aggressive long entry (a proxy for a GDX short) with a stop on a 60-minute close above 14.80 (GDX) and a sole profit target at this time of 14.27 (GDX). I may possibly extend this trade & I’m using the GDX charts to define my stops and targets as the charts of the 3x leveraged ETFs are usually skewed as as result of the price decay. (note: please disregard the two lower price targets, T1 & T2. An additional downside target just above the 13.80 level might be added to this trade but 14.27 (GDX) is the sole profit target at this time).
GDX 15-minute Feb 1st
To reiterate, this is an aggressive, counter-trend trade. A trader should pass on trades that do not mesh with their own risk tolerance, trading style or objectives. Also remember to make the proper beta-adjustment to your position size in order to account for the 3x leverage, if trading DUST. GDX (1x, non-leveraged gold miners ETF) can also be shorted in lieu of a DUST long.