GDX (gold miners ETF) offers an objective long entry here now that the EUR/USD has hit my maximum pullback target. As such, GDX will be added as an Active Long Swing trade around current levels.
GDX 60-min Sept 4th
The sole price target at this time is T1 at 19.39 with a decent chance that additional price targets will be added if the charts of gold, GDX & the Euro/US Dollar continue to play out as expected. The maximum suggested stop for GDX will be a daily close below 17.50 with a suggested beta-adjusted position size of 0.80.
The first chart below is my EUR/USD 60-minute chart from August 15th calling for a bottom in the EUR/USD (i.e.- a top in the US Dollar). The EUR/USD did bottom from there, going on to immediately breakout above that bullish falling wedge followed the strongest rally of the year in the Euro/US Dollar as that also coincide with my bear trap scenario on the EUR/USD daily chart.
EUR-USD 60-min Aug 15th
Following that rally, I started calling for a correction in the EUR/USD (i.e.- rally in the dollar) around the time the EUR/USD broke down from the 60-minute bearish rising wedge posted below back on August 30th, stating that would likely take the dollar sensitive gold & GDX down along with it.
EUR-USD 60-min Aug 30th
As of today, EUR/USD hit my maximum pullback target to the button (well, within 4 pips or 0.00004) so far with a low of 1.15302 before reversing sharply while also confirming the positive (bullish) divergences between price & the momentum indicators below.
EUR-USD 60-min Sept 4th
While my Euro bear trap/US Dollar bottom scenario may or may not continue to play out, if it does, this GDX trade has the potential to morph into a multi-month & possibly a multi-year long-term trend trade.