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DUST/GDX Stopped Out, GLD at Resistance

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

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

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.

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Feb 3, 2016 11:29am|Categories: Completed Trades - Short, Gold & Commodities|Tags: , |1 Comment

One Comment

  1. Kstellish February 3, 2016 11:35 am at 11:35 am

    Thanks for the updates, as usual!

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