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.