I am still of the mind that the US Dollar is going to drop so I bought some more Direxion Small Cap Bull 3X Shares (TNA), coincidentally at the same price as yesterday's purchase - $35.70.
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Nothing I can say about a break out or divergence of my indicators. The following chart of the US Dollar is influencing my decision more than this first chart.
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My TSI trading record has been updated to reflect this purchase.
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Click on the charts to ENLARGE
This is a 5 minute chart of the US Dollar. You will notice that several minutes ago we had a huge spike UP in the price of the US Dollar.
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Well this, of course, sent everyone into panic mode - and the stock market sold as fast as a scared rabbit can run.
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Now I'll admit I have a lot to learn. And this be very well be one of those times that, with my own money, I learn a very valuable lesson. And its OK with me if I do.
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But this price action made no sense to me other than to scare a bunch of nice folks out of their shoes.... In other words, I did not think this US Dollar movement would hold, so I bought. Maybe I am only the dumbest guy to still be in his shoes!!! Time will tell. And if so, we can all have a good laugh about it - later.
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Cash dollar is nearing the 50 day ema, which has provided support/resistance for the last year.
ReplyDeleteWhat are your thoughts on Seabridge Gold, which is coiling?
Thanks for pointing that 50 ema out. I'll say a few more prayers. LOL
ReplyDeleteSeabridbe Gold (SA) looks really good, to tell you the truth. It is just on the verge of a TSI breakout to the upside on the daily chart and MFI has been advancing higher for 3 weeks now. Not a "confirmed" buy in my book, but looks like a winner to me.
Thanks for your post.
I HAD TO TIE MYSELF TO THE MAST TO KEEP FROM BUYING TNA @ 35.38 10 or so mins before market close but my fear did not release me. I think the Euro leads and if it continues to fall we are in trouble but I still look for your trades to look much better next week even though I am a chicken little.
ReplyDeleteWhat do you think of SBB.TO
Maybe I should be a chicken little too! It would have certainly have saved me this temporary draw down and I could have been focused on something else that was working.
ReplyDeleteBut, as I hope I have mentioned before, I compete with myself, no one else. I strongly believe the US Dollar is doomed and this TNA trade makes sense to me, so it is my own personal challenge to see just how much I trust both my judgement and my understanding of what my indicators are telling me to stay with it.
If I fall on my face it will not only hurt a little, but I just might learn something that will make my judgement a little sharper in the future. What's that saying, nothing ventured, nothing lost?
Sabina Silver Corp - wow, look at that volume in the last two days. Must be a story there worth listening to, I just am not up on this particular stock.
In general, fwiw, I expect silver to significantly outperform gold during the balance of gold's current C wave...that goes for silver miners, as well. Your choice may to be buy some individual silver miners to hold, such as SBB.TO, or to reduce a bit of company specific risk, consider a purchase of the silver miner ETF ticker symbol SIL.
At the moment, Sabina has a negative divergence 'not' going for it on the daily chart. My hunch is that if you chose to buy it in a few days on a pull back you would be glad you did.
Thanks for your post.