After hitting the first target for a quick 4.9% gain, the DUST long/GDX short trade failed to reach T2 & has exceeded the suggested stop of a 60-minute close above 14.80 in GDX today. That was a closing print of the 11:00 candle which closed at 14.88 in GDX or 11.60 in DUST, accounting for a 7.6% loss for those holding out for T2 on the trade.
GDX 60-minute 2 Feb 3rd
We could be in the process of a wedge overthrown on gold as this overshoot of the wedge also coincides with a tag of the top of my second target zone (resistance). As such, I’m watching closely for a reversal back into the pattern & move back down below the wedge & may very well re-short the miners if the wedge overshoot scenario looks to be in play.
GLD 60-minute Feb 3rd
DUST/GDX will be moved to the Completed Trades category although I’m on close watch for another re-entry, at least for a quick pullback trade in the miners, with any significant updates to be posted in the trading room today.