Thursday, June 12, 2014
GDX's narrative over the past few weeks
Here's a one-month GDX candle chart with sarcasm added:
A bork of long-term support is significant if it remains borked, or if it gets even more borked.
A bork of long-term support has the possibility of being mere bullshit if it happens entirely because of an OpEx smackdown of gold.
I distrusted it when it borked, I watched with patience from the sideline. I saw the volume pop on rising prices on Tues and Wed, and became more interested, because a bear flag isn't supposed to see increasing volume on increasing prices.
Over those 2 days I slowly switched out of XSU, VFV and ZUB, and into RIO and PG and HGU, and am now reaping the rewards. God forbid, I might actually be becoming a better trader, day by painful day.
Could still all end in tears of course.