Playing the Miners with Papa Smurf; Chess Moves

As opposed to my JNUG (triple-long ETF for the little junior gold miners) trade earlier this week, which I was fortunate to sell near the highs (thus far), I am upgrading in terms of size to Papa Smurf, or NUGT, which is the triple-long ETF for the senior gold miners. Specifically, I went long NUGT at $16.88 with a stop-loss below $16. This position equates to roughly 4% of my trading portfolio capital. As I pointed out in my last post, gold miners successfully held a backtest of a key price level this week. I am playing for continued upside after a few days of shaking and baking. This is another highly volatile ETF with tons of risk. Thus, supreme discipline and position sizing are required. As always, do not blindly follow me or anyone else into trades--Know your risk tolerance.