Silver, gold and miners all looked like they were set for a real pullback last Friday, thus the reason I took the rest of the NUGT position off the table,
but I'm not excited at all or even interested in trying to play DUST (the inverse of NUGT) for a NUGT pullback, gold miners are just too strong.
Looking at SLV and GLD helped me make my decision re: the NUGT position Friday
We have a current SLV July (standard) $20 Put position that is now in the green, I'm going to kkeep that position open unless I notice anything that looks to threaten it, I'm also setting price alerts for > $20.10 and $20.15 where there's a gap as I may be inclined to add to the position or call it out as a new trade opportunity.
For now,
60 min SLV with a clean, clear confirmation of the uptrend and a clean, clear leading negative divergence, not large enough to ruin the new trend, but enough to fill the gap and maybe some.
The same out to a 30 min chart.
And for timing purposes, the 10 min leading negative and what was most important for my decision on Friday...
The intraday 1 min looked very clearly like it was ready to start the correction.
The 2-day trend channel which is about right for SLV has a stop around $19.10, this may be a bit shallow for a first pullback of a new trend, but it is also in the region of...
The X-Over chart's 20-day moving average which is a typical pullback area for new trends as this just gave a recent long signals (white boxes).
I'd consider adding or starting a new position above $20.15 on an intraday bounce/correction.
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