I’m back in $NUGT after taking profit during the day. With price action taking out the high of two trading days ago, I’ve to go with the momentum and see if there is a follow-thru tomorrow. We may be seeing a potential bottom for gold right now if the upside thrust continues on.
This is still a high risk trade. My stop is a GTC order below intra-day low.
My 2 cents.
Comments »Did anyone see the double-top formation on $DUST?
Seeing that $DUST price action was having a difficult time maintaining above the previous high of $119.63 from Apr 17th, I saw a low risk trade in $NUGT for a bounce.
Take a look at the daily $DUST chart below:
Chart is not looking healthy for the bull here. A severe double-top formation has formed with price action today taking out the low of the last two days.
Take a look at the daily $NUGT chart below:
Although I was stopped out for a nice gain on $NUGT from the morning entry (with a low risk stop below intra-day low), I’m looking for a re-entry point with a low risk stop. Today candlestick bar is forming a bullish engulfment bar which can become a bottom bullish reversal pattern if price action confirms with an upside movement tomorrow.
My 2 cents.
The trades I made in $NUGT were time-stamped in twitter
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