Friday, March 14, 2014

DUST Long Looks Interesting

Earlier in the week I brought up DUST (3x short gold miners) as a long, but I had a reservation because support was so well defined in DUSt and resistance so well defined in GDX (gold miners), I said that according to our own concepts this is a high probability head fake move and minutes later it started that head fake move. Once started, it still needs a reversal process even though it's a good overall timing indication.

I like what I see, but once again, intraday it looks like it has some more downside before being the best entry, but I wonder if it's good enough, I haven't made up my mind, but I do like it.

60 min DUST as of the trade idea with defined support and then a head fake move, the volume hitting the stops (yellow) confirms the head fake.

 Since the head fake, a reversal process and 10 min leading positive.

And a 15 min leading positive, pretty impressive for a short term trade.

The problem is intraday doesn't look quite done, but looking at the bigger picture, I might be a little myopic on this and maybe should just consider it as a long.

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