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GDX Bounce Target Hit, Trailing Stops On NUGT

Took a bit longer than expected, as GDX traded sideways just above the gap support nearly all day yesterday, but my 16.00ish bounce target has now been hit. I placed a trailing stop just below 43 on NUGT (comparable to 16 on GDX, to allow for more upside, should the miners want to backfill the Wed/Thrusday gap (blue arrows).

GDX 5 minute Oct 22nd

GDX 5 minute Oct 22nd

 

Note: I just heard the "ping" which tells me that my stop-loss order for NUGT will filled right as I was about to send this post off. GDX may still want to backfill that gap although I have no intention of buying back NUGT as I'm still debating adding back DUST for the final leg down to my swing target. This NUGT trade was just a quick, counter-trend bounce trade and not an official trade idea. Hence, this post is categorized under the Active Short Trades using the symbol tags GDX & DUST as it is also an update on that trade simply to share my thoughts as to the where the miners might be headed in the very near-term.

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Oct 22, 2015 10:14am|Categories: Completed Trades - Short, Gold & Commodities|Tags: , |2 Comments

2 Comments

  1. david k October 22, 2015 10:23 am at 10:23 am

    Just as you posted GDX ripped up…almost filling gap

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    • rsotc October 22, 2015 10:44 am at 10:44 am

      Just as I cover my shorts/sell my longs just above the actual support/resistance level that I am targeting in order to avoid missing a fill on a reversal just shy of that level, I also sell/short just before the tops of gaps or buy/cover just below the bottom. When too many eyes are watching the same level (as with that gap on GDX today) you tend to see the buyers & sellers start stepping in early.

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