Stock Market Commentary by full-time trader and best selling author Bob Kudla AKA "BobLovesHawaii"
Perhaps, but it looks like a rising support break to me:http://screencast.com/t/xe6mzPzsNeeds a bit more downside to confirm
Hey Jack, I can see that too. Where is your downside target?
Well if you look at it Bob, there's a little H&S formed at the high. The target would be the 35 area, but there's obviously a strong support level and potential H&S neckline in the 34.5 area. That would be the obvious target area:http://screencast.com/t/kDTgkVHzc1sIf we saw a reversal there we'd have a part formed H&S which would need to be borne in mind.
At some point in time in the future, miners will be much higher. I'm not sure when that will be but since I am confident in the destination but not the path, I have a core position in my long term account. Short term, I'm focusing on other bullish setups I'm more comfortable with.After impulsive moves, I've noticed there often is a powerful bounce but eventually we do retest the lows.
Unrelated to the post but open question:Does anyone have any good sell rules or sell strategies?I think the bulk of trading discussion revolves around when and what positions to enter. However, in reviewing my trading, I believe that improving my selling (covering)strategies would enhance my returns more than improving my trade entries.
I use PSAR settings and MACD to signal exits for me. I tweaked the settings though. I also move stops up to the next support area, if above my PSAR.
Hi Bob,What settings are you using for PSAR. Thanks.
But I trade on the 60 minute.
HEY BOBLH!looking at the SLW (and silver and Dollar and so on) I have a 'guess' as to what may happen.The answer is "yes ,it does look like a retest" (BUT the WEEKLY looks to be saying further downside- bit yesterday showed decreased selling volume none "Bailing out " so to speak)so my "GUESS" is that the dollar doesnt RUN HARD next week, and SLW 'bounces' and maybe on light volume , so it just double tops? Then more "BAIL OUT"Then it would drop down and the WEEKLY chart would show the further downside as the dollar does get moving higher. JUST A THOUGHT, no one should trade on this theory LOL
Alex, thanks for your opinion.You have been nailing the moves in gold/silver since the December bottom.Now why didn't you tell me that yesterday before I added AGQ! LOLActually, everybody DID tell me not to buy yesterday, but I added a little just to be a contrarian. We'll see ... may use the bounce next week if/when it comes to lighten up again.Thanks for posting here Alex, we all really appreciate your trading talents!
Hi, Bob! I actually replied to your SLW request for input over on BCBD earlier, with a chart. It could extend the pullback a tad, but it's hitting a good support level and has a sturdy double bottom base.