Daily Archives: December 12, 2024
Showing articles 1 - 6 (6 total)
17Nov3:28 pmEST
Now We Circle Around
I went long NUGT on Friday, the triple-long gold miner ETF at $14.15. My stop-loss is below $13.50. On the 30-minute GDX chart, the senior gold miner ETF, below, we looked at $18.70 being a key breakout level. As you can see, we got the breakout, retest, and subsequent push higher. Also note the junior gold miners leading higher today,...
17Nov2:25 pmEST
Going Short Facebook; More Chess Moves
I placed 4% of my trading portfolio capital in a short Facebook ($FB) position here, at $74.09, with a protective cover-stop above $77. I posted a chart earlier today on Stocktwits, discussing the idea that the more well-defined support is probed by price basing or "leaning" down against it, the more likely it is to eventually give way as the...
17Nov1:09 pmEST
Chess Moves
I placed 4% of my trading portfolio capital into a long UGAZ position, at $15.28. My protective stop-loss is if the triple-levered long natural gas ETF loses $14.60, below. I have been outlining my thesis on natural gas for a long trade for several days now tracking the sharp breakout and then pullback in recent weeks. The UNG, straight-up...
17Nov11:20 amEST
Natty Gas Burglars Strike Again
The long natural gas idea from over the weekend is coming to fruition, as we can see natty gas bulls stealing away the initial at major horizontal support (purple line) on the daily chart, below. Note that the recent pullback could easily have made a major higher low before the natty rally resumes. I like what I am seeing off the opening gap...
17Nov12:24 amEST
Late Night Strategy for Monday
The Dollar/Yen currency cross has basically traded in lockstep with equities since the mid-October lows, with both stocks and the Dollar/Yen screaming higher. However, on the 30-minute chart of the Dollar/Yen cross, below, you can see overnight weakness with the potential for further selling if the highlighted bear flag consolidation pattern...
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About
“chessNwine” has been a popular trader and financial blogger since 2009. His work has appeared in The Wall Street Journal Online Edition, Yahoo Finance, TheStreet.com, Josh Brown’s The Reformed Broker blog, AbnormalReturns.com, Barry Ritholtz’s The Big Picture blog, and the “Suggested” stream on Stocktwits.com.
