GDX to 24Maybe lower, but the gap is the target. If it closes back over the trendline it's a long for sure!
good luck
GDX trade ideas
GDX - Looking to buy at $23Hello, I won't make comments for this chart I will link GDXJ that I did, assumptions are the same/similar
GDX - still in Show Me mode!Despite a $15 move up in gold, a 600 point down day, global weakness in stocks, sinking treasury yields, inversion of 3's v 10's, coronavirus, bad PMI, and truly a whole host of other bad news, GDX is struggling to take out resistance. I have been dumbfounded lately trying to figure this out. Perhaps on Monday when Chinese markets get killed and US futures are down big, maybe then we will see a spike. GDX needs to take out 31 to convince me that it has legs. NEM closed very weak today. Just not sure what to make of this but I am watching it very closely as I have recently established a long position in DUST which is something completely new to me that I am not necessarily comfortable with. Not fighting the trend just feel like there is something out there that will tame old and silver for a little while before their next significant moves up.
The GDX is about to break out!The GDX ETF is about to break out. Initial target is the high 40 as this is the next resistance level. This also coincides with the 50% fibonacci retracement level. I would expect some consolidation following this target being met, eventually heading higher.
OPENING: GDX MAY 15TH 26/33 SHORT STRANGLE... for a 1.01 credit.
Notes: Re-upping a gold miners play in the first expiry in which the at-the-money short straddle pays greater than 10% of the value of the underlying.
GDX – Turned Bullish on Daily - $32 Price TargetChart Details
Price on Daily keeping yellow support. Best entry would be close to yellow support (on pullback).
Bullish price action – higher highs and higher lows daily.
Gaps to fill up to $37.
Conservative price target of $32 to fill first gap.
RSI channel is our guide to enter or exit until channel guides are violated.
Opinion
I had three hedges for market downturn in play, instead of taking specific bearish plays on SPY for example.
GDX, SCO, and SPXS have all been good hedges when purchased at correct time (market ATH's with weekly RSI over 80-85)
With coronavirus, oil conflicts, Iran, market overpriced, negative interest....yada yada...there are a number of bubbles or events ready to pop.
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GDX - time for a breather?I've been watching this closely as GDX failed to take out the high that began the run in 2016 and failed to take out the high from September. Gold has had a tremendous run ($300 plus) but the miners which typically lead upturns and downturns seem to be telling us something. If the overall market is risk on a la INTC earnings and the like, then the metals space may be in for more consolidation before heading up again. GDX has support in the $25 area and I would be surprised to see a break below 25. I have drawn in trend line support that could come into play should the control line that marks the 2016-2020 run fail. That line would mean something in the $23-$24 range. I sold all GDX and NUGT over the last couple days debating where this is headed. Again, my gut says GDX should have taken out the prior highs around $32 and it did not in the context of a "new bull market." GLD indicators show overbought and turning down. GDX may look to find lower numbers on MACD and RSI as well. Long DUST for now.
Bull GDX. Great entry!! Now Up to 30 level.Great moment for Gold Miners and precious metals. Excellent entry on 28.20. Now second wave, directly to 30 Level.
GDX - Consolidating as Expected!GDX going thru a slight consolidation phase before next leg up. $31.75 is critical area as it represents high from 2016 run and the gap down that started all the price action under that level for the last 7 years since 2013. I know several technicians looking for a breakdown in gold with melt up in market. I had been watching the $143 level on GLD as a breakout area and I think we have solid support there. We would need a complete breakdown in the metals space for that to give way in any meaningful way. If that happens it might get everyone leaning the wrong way which could be the catalyst we need to have a sustained move above $1600. IMO GDX has max 10% downside from here ($2-3). Overall market starting to look silly but some good earnings this week could catapult us even higher. Plunge protection team working hard to keep this thing aloft. Election year too so not sure the 11 year bull is ready to die. Be patient here. There still may be lower prices but not much.
Gold Miner ETF Holds Key ZoneGold miners have been consolidating for the last six months and now the Market Vectors Gold Miner ETF is bouncing at a potentially key level.
GDX peaked around $28 between late October and mid-December. It then broke out and has now pulled back to find support at the old resistance. There's also some confluence with the 50- and 100-day simple moving averages at the same area.
Meanwhile, the U.S. dollar index just made another lower high below its 50-day SMA. This isn't a huge surprise given the Fed's strongly dovish stance -- especially after last week's poor non-farm payrolls report AND this week's tepid inflation numbers.
GDX could also serve as something of a hedge against downside in the broader market. While the S&P 500 isn't showing many clearly bearish signs yet, a lot of good news is potentially priced in.
XAUUSD
Bullish reversal coming soon Gold metal appears to have more downside but minors which have uncharacteristically underperformed Gold are nearing strong support and bottom of trendline and are forming bullish bullish cup and handle.
OPENING: GDX MARCH 20TH 27/32 SHORT STRANGLE... for a 1.16 credit; delta -3.15/theta 1.60.
Notes: Going small here in the first expiry in which the short straddle pays greater than 10% of the stock price. Will add if necessary to delta balance.
GDX close to break otuXAUUSD led the break @ 1367 and now GDX will follow accordlingly. my estimates are on Q1 2020
GDX – Small Gap Missed Reason for Downtrend?Found a 3 cent gap around $27.87. Easy to miss. We are headed to gap fill, then back up in my opinion.
Trade Entry
I would look to place hopeful orders in the gap fill, and below the gap fill for overshoot.
I am holding 1/31 expiry options. May add to position if we get to the gap fill.
Market at ATH’s with GDX gap fills tells me things are ready to flip anytime into pullback/correction.
Chart Details
All other details other than the gap fill are the same as previous chart.
Bullish pennant failed.
Price retested recent highs.
Current price at $28 has 10% upside to last high around $30.
Daily trend did confirm bearish today.
Multiple gaps to fill above tells me price wants to go higher.
Watching RSI for bounce off support around 43. If we get below 40 RSI, trade is totally off.
About Me
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD, GBTC. Short term GDX Bullish, SPXS Bullish, CRWD Bullish short term, ZM Bullish, BYND Bullish
GDX – Bull Pennant Failure Stop reached but still holding Put Credit Spreads.
Trade Entry
I entered this trade with 1/31 expiry. Although stop was reached, I am happy to either see how this pans out or take the obligation to buy GDX at $27. I can just hold the shares and wait a month.
If you think there will be any kind of unrest in the next year, while Gold comes out of a 10yr nap, then GDX at current price is an excellent hedge.
Chart Details
Bullish pennant failed.
Price retested recent highs.
Current price at $28 has 10% upside to last high around $30.
Daily trend did confirm bearish today.
Multiple gaps to fill above tells me price wants to go higher.
Watching RSI for bounce off support around 43. If we get below 40 RSI, trade is totally off.
About Me
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD, GBTC. Short term GDX Bullish, SPXS Bullish, CRWD Bullish short term, ZM Bullish, BYND Bullish
GDX – Pausing Before Resuming BullishTrading active in GDX. Going to gap fills at $37 possible.
Trade Entry
1/31 expiry, 27/31 Put Credit Spread.
1/31 Expiry. 29/33 Put Credit Spread.
Chart Details
GDX currently in Bull Flag breakout.
Fractal from pole of Bull Flag is almost identical to current price breakout.
Fractal lines up with 0.618 Fib Extension and gap fills. Things confirming in this manner are positive correlation.
I see GDX taking a break on Fed Repo day of $35Billion or more. Same as fractal. By next week we are resuming up IMO.
About Me
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD, GBTC. Short term GDX Bullish, SPXS Bullish, CRWD Bullish short term.
Previous GDX Chart
The Art of Opportunity Cost (Gold Miners)While Gold is inching closer to its prior all time high, it is not that rosy for gold miners and gold mining stock.
After reaching its all time high in 2011, the gold miner ETF is still down roughly 60% from its all time high. And this was the fate for majority of gold mining stock.
Of course if you dig deeper into some of the gold bugs who sell their client to only buy golds, they were investing in gold mining stocks. Of course never tell the story about how much money their lose and the opportunity cost they lost for the past 8 years hanging on to gold mining stocks.
A stark reminder that market is very cyclical in nature, nothing goes up forever, nothing goes down forever.
Nasdaq will eventually crash, commodity will eventually enter into another bull phase.
But without understanding of market cycle and constantly being trapped by SHILLERS who only knows how to sell, not how to make money in the financial market, most people lost out from making big gains from the market.
Yeah, if they are lucky, maybe they able to buy some gold miners on Dec 2015 and made some hefty gains, hopefully they sold and cash out in 2011.
Market is cyclical.
Stop fall in love with any assets.
Play the market cycle.
Play the smart money game, don't be the dumb money.
If you want to make money from Gold and Gold miners, make sure you understand the gold market cycle, and the commodity cycle and understand that if you want to make money, you need to buy low, and sell high.
GDX short as it tests 1h 200maboth scripts point down after 1 month of successful long and short calls.
to learn more about using the scripts head to tradingscripts.best
GDX - Miners Fail to Confirm Gold BreakoutAfter bottoming out last month, GDX broke through its downtrend channel and started the new up leg. During this time, GLD slightly lagged GDX throughout the bottoming process and also lagged breaking through the downtrend channel. Last night's event has now pushed GLD to highs reached at the end of the summer but GDX is still below those highs. This divergence tells me that GLD has gotten ahead of itself as we typically see the miners lead the underlying metal. Looking for GDX to go through a little consolidation here as GLD consolidates some of its nearly $7 move in as many trading days. Still long the metal but waiting for a pullback in the miners. We may not get much with tensions rising overseas, but a pullback to the breakout area of the uptrend channel should be looked at as a place to add to initiate positions.
GDX - Bullish PullbackTRADING ACTIVE
GDX options 1/31 expiry, 27/31 Put Credit Spread.
Adding to position with another spread based on chart.
Chart Details
Bull flag breakout pattern.
Gaussian channel confirms current trend is bullish.
Price in consolidation before further upside IMO.
Multiple gaps to fill.
Market at all time high with any pullback GDX will go higher.
Trend dots confirm Daily and Weekly trends both bullish with room to run.
Entry Options
Today’s Order – 1/31 Expiry. 29/33 Put Credit Spread. $3.00 credit or more. May go down to $2.90. Risk $110. Reward $290-300. POP around 70% for total strategy.
Stop loss at GDX $29.00
Must exit before expiry on 1/31. Hold maybe a week. Exit at 50% profit, gap fills, or your risk tolerance.
For those looking to hold stock instead of options, I would consider this a good entry for 3-6 month horizon (~10%+ return in my estimate).
About Me
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
I am transitioning to my new website www.moneypatterns.com and have updated my name previously jbird7839. Same guy - new name. :)
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD, GBTC. Short term GDX Bullish, SPXS Bullish
