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Thanks a lot.
Already bought positions on the lows of Friday, after selling on the high as a lucky idiot. 🙂
Waiting for the dollar to finally fall into it’s DCL and seeing it never getting convincingly above the 200 DMA has taught me one valuable thing. We also have seen the same with oil and the Dollar
A lot of the time things just don’t play out as You would think they should play out. So I learned to just play back and forth in the consolidation channel. That is why I as from now will always have 50 % of my intended position already established in a suboptimal spot while waiting for the desired setups.
But I just play it that way because I personally noticed that I always get nervous when the traded asset falls into an undercut low. I noticed that You have to know Yourself very well when You trade. You have to know exactly how You will react when things go against You, and therefore plan Your entry accordingly.
Risk management also keeps my head clear. You must know if the money You win is worth the headaches You might get for some days from worrying.
Well, that is an advice for people with small money, I guess.
Just my 2 cents. I am a beginner and not so confident in all the analysis.
gdx sideway till trump
But I think it is too late to trade now. Keep Your position I would think or buy! 100 % wouldn’t try to short. Gary said in another video he expects surprises to the upside in a bull market.
And look at oil. It just popped out of the consolidation on news that actually doesn’t change much.
So it consolidated and You got 2 or 3 chances to sell at a smaller profit but then it was just over.
I won’t leave my position now. The consolidation has gone on for too long and we saw in the video that the dollar is behaving absolutely unnatural already and wants to plunge into a hole.
Great series of recent vids Gary thank you.
Long 1200 NUGT shares bought each and every corrective move down.
Gary- you are the single analyst who is focused imo.
And confident in your reading cycles…
Thank you~
Gary take a look at CHK looks ripe for a break out
Looks like a bear flag on GDX to me targeting about $20.
Gold is stuck to USD/JPY not the USD index.
I think Gary is right that the USD index goes lower but JPY goes lower as well and I think that means a nice $100 haircut for gold.
That looks like a pretty powerful bottoming pattern in the yen and it’s forming a triangle handle pattern over the last 3 months which should break to the upside.
http://finviz.com/futures_charts.ashx?t=6J&p=m1
Gary, duck,
I suggested a triangle could be shaping up in the days just after the post-FOMC peak, then clarified my outlook on Sep 29. The market continues to shape up in that fashion.
A little pop for gold into the 1320’s, GDX into the mid-27’s, then $73 and $5.84 haircuts, respectively. Crew cuts.
🙂
PS: Gold should drop a little to the 1310 area before the little pop…
You have got to be kidding?? gold will be trading sub 1300 very soon..
Did you watch and listen to the dam video? I swear some people are just so mentally challenged today.
BTW gold never finishes the triangles..
That undercut low looks possible today Gary, many will be stopped out.
That’s what happens during these moves. People lose sight of the big picture and their emotions make them do the opposite of what they should do. The banks count on that happening. It’s how they get hedgies and retail traders to cough up their shares and oz. to them.
Yeah, that’s so hard for some people to grasp today.
gent,
That’s what I wrote — see both of my comments above: First, a little dip down to the 1310 area, then a little bounce, then a drop of about $73. Maybe 1250 area?
Before that a short squeeze prior to the big report.
just finished sending invoices to some of my clients.. back to trading
almost there http://stockcharts.com/h-sc/ui?s=GDX&p=W&b=5&g=0&id=p31483066751
Hi redbaron9:
Your mean GDX will be down to weekly 200 MA around $23?
Gary, it looks like $wtic has just broken out of it consolidation triangle on a daily chart to the upside. Can you confirm this?
ps. I have been a long time lurker here and I do enjoy your analysis , Gary. So I decided to join the chat.
Oil has definitely formed its daily cycle low. Now starting the second daily cycle.
Hallo Gary ! Your blog is great !!
Hallo guys ! I want a help . Idon’t know what is better to buy NUGT or GDX ?
Any opinion welcome !!
Gary, wondering what your take is around Trump v. Clinton? do you think one of them will be better or worse for gold market?
The Fed has already laid the groundwork for the next leg of the bull. Trillions and trillions of dollars of QE. It doesn’t matter who the president is. The mistakes have already been made and there’s no turning back now.
Tomorrow if GLD and GDX is not bounce up, the prices are going down to GDX $22 GLD $120.
Price will turn up when the banks are ready for it to turn up. Technical levels are meaningless.
Kudos to oil.
Woe to gold.