Wednesday, August 22, 2012

BUY DUST @ $36.80

In my previous  post I  wrote that gold did just what I expected and hoped for - it fell enough, however briefly, to set up this week's exciting breakout above the 200 dma. I was strongly tempted to buy NUGT late in last Thursday's session as it appeared to fulfill my expectations. But I was immersed with focus that I needed to place elsewhere, so the rocket left without my being on board. 

NUGT is up 15+% since last Friday and that is OK. When these things happen I choose to remind myself that my judgement was correct but also, and understandably, I am unable to tend to too many things at once. The lesson of patience is a life long challenge to master but I will keep working on it. :-)

Anyway, I was able to somewhat watch things this afternoon and decided to take the flip trade with this purchase of Direxion's Gold Miner BEAR 3X ETF (DUST) at $36.80.

My TSI Trading record has been updated.

And another chart that features other custom indicators I used while deciding to take the trade.

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