NUGT oversold
Updated
I've been silent the last few days. Last trade I got stopped out for a profit. No regrets there.
I'm taking a small position here, as NUGT is oversold. The red slow line in the stochastics is below 15 now.
The last few times this happened in the past, a small rally occurred. I expect the same here (and this position is a hedge against market weakness). I hope this isn't a crazy oversold signal (like summer of last year where stochastic was oversold for a very long time), thus, I have a usual 10% stop-loss.
Target #1 = 13-day EMA = $19.90. Let's see what happens.
Stay safe out there and book profits. If you have a winning position, consider taking some off the table and protect the rest with a stop-loss.
I'm taking a small position here, as NUGT is oversold. The red slow line in the stochastics is below 15 now.
The last few times this happened in the past, a small rally occurred. I expect the same here (and this position is a hedge against market weakness). I hope this isn't a crazy oversold signal (like summer of last year where stochastic was oversold for a very long time), thus, I have a usual 10% stop-loss.
Target #1 = 13-day EMA = $19.90. Let's see what happens.
Stay safe out there and book profits. If you have a winning position, consider taking some off the table and protect the rest with a stop-loss.
Trade closed manually
I closed my NUGT position for break-even.DXY is above the 97 level (97.50 at time of this). A strong US dollar doesn't bode well for gold. Note that gold spot price is unchanged at 1285.
I'll sit on the sidelines for a bit to see how all this plays out. Markets should be down a lot more given the circumstances. I think TLT may be a good play here.
Note
Hmmm... I should have waited it out another day. Oh well. DXY is still above 97. I guess the jobs report had an impact on gold prices? I'll do some studying over the weekend.
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