The Miners Trading System

Yesterday we had a buy on today's open (DUST) signal in system 1. Tonight both systems are long DUSt, if you are following the trading system rules for system #2, you would purchase DUST on the open tomorrow at market open. Buying on the open is important, much of the gains come on a closing basis.

All positions in NUGT would have already been stopped out.

I noticed some problems with DUST today and the close was poor, forming a bearish Shooting Star candle on high volume, which in this case would be indicative of churning, also bearish.

 The 5 min chart above was showing a negative divergence at the morning highs, there was some improvement late in the day.

The 1 min chart showed very good improvement very late in the day today.

You'll have to make the decision, remember there's a 3% stop-loss from the opening price. For today's system 1 trade that stop-loss is $34.97.

The long term 60 min chart still looks very bullish.

There is a loose correlation to gold with the miners and GLD did show an impressive 10 min chart today, which would historically not be good for DUST as far as the loose correlation goes.

GLD 10 min 3C chart.