Thursday, June 12, 2014

GDX/NUGT Position Update

This one has been tearing at me all afternoon, I feel pretty confident that there's going to be some kind of pullback, but is it worth possibly missing the bigger picture that we have been involved in and tracking/trading for months? Maybe tomorrow there will be some further information that will cause me to take some action here, but for now I have to stick with the probabilities which are strongly bullish.

 1 min negative NUGT

2 min negative GDX

3 min negative NUGT

5 min negative NUGT. If the 5 min chart were a deeper divergence, I'd probably take action for a pullback trade with full intentions of re-entering NUGT long.

However, with a leading positive 30 min chart like this (and there are a lot stronger/longer charts), it's very hard to go for a pullback trade and possibly miss the big picture.

On a daily chart, there's no reversal candle at all, just solid bullish candles with higher volume every day, that's what a strong move is suppose to look like. As I said, we'll see what tomorrow brings, but for now, I can't see leaving this position.

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