NUGT trade ideas
$NUGT hourly chartI'm still holding a half position here and not happy about today's move, but this falling wedge on light volume is an easy upside breakout, and gold itself is holding steady and looks bullish.
Gold To Test Previous HighsI think gold retests the previous highs after a nice double bottom.
I am going to see if I can get a pull back from the strong run up today and use the following setup:
Trigger:20.65
Stop:16.54
Target: 35.66 (previous highs)
The stop has the double bottom support and the 200simple in its favor for a very conservative stop.
I will hold this position as as long as I can and if I hit the target by december I will buy a protective put at that level to play the potential of profit of no rate hike and protect from a rate hike.
***Oh ya the second setup is if I miss the miss the 1st setup
$NUGT dailyAdam and Eve double bottom at uptrend support line with bullish divergence in the RSI. Today's move may hit the pause button but should see test of the $25 pivot.
$NUGT updateGot out of $NUGT off the opening pop and just bought back in. Like this chart as breakout potential and run to $30+. Favorable Fed. Safe Haven. All metals moving higher.
$NUGT heading to breakout over $25...then the pattern targets the $32 area. +77% return for us if we get there.
$NUGT trade of the monthLooks like it has legs here. Huge volume. Gap at $22. $25 is the DB pivot. $32 pattern target.
$NUGT at supportAt crucial pivot point. Gold miners acting like the Fed is raising next week...not sure why cause there's no way that will happen. Could be a squeeze coming for the miners. Shares being accumulated here despite ugly chart.
$NUGT double bottomwith bullish divergence on OBV, RSI - hourly chart. Short term buy signal pending. Watching.
Golds does what gold doesGolds does what gold does during a major market decline. Namely it rises. If yesterday was just a sucker rally this could bounce hard along with gold. This related to my UVXY idea from last friday and the action of leading big stocks.
I don't believe that the market is a FED puppet and it might just prove that soon.
No Risk, No Reward in at 19.19CMF is improving. OBV bumping against a resistance level and will look for a break for a positive confirmation of the move. SQZMOM_LB looks like it is setup for a large reversal, indicating it might be worth the risk, will be looking for improvement in the RSI as well which has not been overbought since July, and is currently improving, and was just recently oversold in Late August. Additionally the chance of a FED Rate hike are decreasing for a raise in September "On Monday afternoon, federal-funds futures was pricing in an 11% chance of a rate hike when the policy-setting Federal Open Market Committee convenes for a two-day confab on Sept. 20-21, according to CME Group. That figure has been flipping around, but did take a leg lower from 19% after Federal Reserve Gov. Lael Brainard said during a speech that the lack of inflation pressure “makes the case to tighten policy pre-emptively is less compelling.” Confirmation of this should act as a catalyst in the long direction.
$NUGT Bullish Shark Pt. D takeoff @Alpha7Trading $GDX $SPY $GLDLong reversal based on daily harmonics.
OBV resistance break may prove to be golden. Had a larger up day today resulting in the OBV breaking its resistance line, which may mean that it will break the recent downward resistance line on the daily chart. It is currently 45% from the high in August, and may continue to move higher, given market sentiment after the jobs report comes out tomorrow morning. CMF and CCI are becoming positive. After hours is currently positive 0.25% indicating long interest on 9/2.
NUGTNUGT and the other miners should move lower a few more days, then look for a bounce off the lower trend line at around $142.
$NUGT short off resistanceWill be watching $NUGT tomorrow, approaching previous resistance & whole dollar resistance, so I will watch for it to spike into that $170 area then fail for the short. I'll be keeping my stop loosely above the 170's to give the trade some room to workout, but has upside to watch out for if it breaks above that resistance.
