updated 60 minute and 2-day period charts below. GDX could keep falling but personally, i just covered my NUGT short to lighten up my exposure (still short NGD but have my limit to cover order is just .12c below). bottom line is that the most objective entry for a pullback trade was when GDX was re-testing the lower downtrend line of that broadening top pattern. although the gold stocks could continue to fall, i’m just not as confident as to how much right now so i’m continuing to stick with my current hit-n-run strategy of taking quick profits on both the long and short side for now. in fact, i am going to go ahead and consider this the final target for GDX and officially remove it from the Active Trade and Set-up categories but there’s nothing wrong with lowering your stops and holding the short for lower targets if so inclined. in fact, the 2-day chart below still shows the targets from the last short trade, which could act as targets if GDX continues to move lower from here.
