Clicky

GDX NUGT Next Profit Targets Hit, Additional Upside Likely

GDX has now hit T2 (14.45) which was set just below the 14.50-14.60 resistance area while NUGT hit the previously posted 29.73 resistance/target level. While I still favor additional upside, consider booking partial or full profits and/or raising your stops, according to your trading plan. As the charts of GDX & GLD remain constructive, I've added an additional target zone for GDX which comes in around 15.15-15.30.

As I type, NUGT is current trading at 30.65 which gives the trade a gain of more than 33% from the entry posted here on Nov 18th. However, had one booked partial or full profits for a 20% gain, as suggested in this post when the top of the T1 zone was hit on Nov 19th, then buying back into the position on the expected pullback as posted here on Nov 20th, the cumulative gains for this trade would be much higher than 32%, a good example of how active trading can beat a buy & hold strategy, even when trading a security on the long-side while in a confirmed bear market.

Once again, the GDX/NUGT long trade has the potential to morph into a much longer-term swing or trend trade, should the charts of GLD, SLV, GDX and EUR/USD continue to firm up. As such, longer-term traders might opt to just trail up stops while active traders might continue to micro-manage their entries & exits around the key target levels.

0
Dec 4, 2015 10:26am|Categories: Completed Trades - Long, Gold & Commodities|Tags: , |3 Comments

3 Comments

  1. PapaBearBaloo December 4, 2015 1:41 pm at 1:41 pm

    Hey Randy, great page with great advice.
    To preserve gains from this last jump on NUGT, how tight of a stop would you place?

    0

  2. GetItRiight December 6, 2015 1:00 pm at 1:00 pm

    Hello,
    Just wanted to say thank you for your insight and charts, it helped me realize some profit with NUGT in 2 days that I would have never managed on my own. Got in on Wednesday after hours at 27.53. Kind of regretted it the next day seeing as it went down to low 25s but kept saying this is not a day trade. Then on Friday, luckily I was away from the computer until trading day ended, so I got out after hours at 31.63, which was almost the high of the extended hours.
    I will keep checking your opinions daily as your charts are helping very much.
    Thank you again.

    0

    • rsotc December 7, 2015 10:49 am at 10:49 am

      GetItRiight – Congrats on nailing the exit on that trade! You’re most welcome & thanks for the feedback. Best of luck on your trades. -RP

      0

Comments are closed.