I just closed the GDX short trade that I took just before T2 (the second target on the daily chart) was hit. This trade took a bit longer than expected but still worked out for a decent pullback trade, which was all I had intended it to be. Prices have now hit the bottom of the support zone that was posted on the last GDX 60 minute chart and therefore, the R/R to remaining short this counter-trend trade is no longer favorable. I am out of the miners for now but will likely start adding back some exposure if & when the time is right. GDX remains a longer-term swing trade on the long side for now but as always, each trader or investor must determine where & when to book profits and adjust stops based on their own unique trading plan. Updated 60 minute GDX chart above.
