Monday, June 23, 2014

NUGT Follow Up

This is a follow up to the partial position closure of NUGT today, Trade Management: GDX / NUGT.

The P/L


I closed half the position because I'm feeling something transitional, I don't want to give up all of my exposure, but would like to have an opportunity to use those assets rather than have dead money and maybe be able to re-enter at a better price. At the fill of $44.82, the P/L for the NUGT trade was +46.5%
As for the reasons...

 Short term timing charts were heading south along the lines of a pullback, the same charts that quickly caught up on the last divegrence that looked like a pullback, but truthfully GDX/NUGT are a bit extended and I'd feel better owning them with a constructive pullback, I do not want to bet against them with a DUST long!!!

 2 min, I suspect a pullback to the gap.

 5 min seeing a lot of intraday profit taking today on a larger scale, but not a long duration, so still pullback in my view.

And the 10 min.

As for why I still love them and want to re-enter at better prices if possible while using the proceeds in a more constructive area in the meantime...


 30 min in line...

Strong 60 min and beyond out to daily charts...

Here's the X-Over screen, an official long, the first pullback is usually to the 10-day price moving average which should be around the gap as well, it just fits together well.

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