jpcavin's Account Talk

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Well, I didn't get the confirmation I was waiting for at market's close. I was initially planning to get out on Friday. Just have to remain cool and wait and see what action plays out tomorrow. :cool:
For the Lunatic Traders - Remember tomorrow is a New Moon and on Monday the 13th, we transition from an eclipse green period to a red period. You could end up giving back some of the recent gains. :nuts: LunaticTrader
 
I know there are a lot of new people on this board that don't have a clue about technical analysis. Surprise, I'm clueless too! :toung:
I want to share a link with the rest of you clueless ones (you know who you are) about leading and lagging indicators. It's short and sweet and doesn't get too detailed and complicated. I hope this wets your appetite for further research.

Leading and lagging indicators...

Using Technical Indicators
 
When I look at the charts, I look for one of two things...strength or weakness. Looking at the below charts, I see nothing but strenght for both short and long term. I get the same results for $SPX chart as well. Unless I'm missing something (me being clueless and all), I think those of you that are waiting for a correction, will be waiting for a long time.

$emw_7.png

$emw_200.png
 
Hi guys! Have been away for a while to take care of some family matters and didn't have the time to manage my account. Was forced to ride out the big drop. :( But got a nice surprise when I checked my PIP. Wow! Very happy with that. :D

Hope everyone is doing well....
 
I've been diligently studying indicators (Williams %R, MACD, SMA, EMA, RSI) and plotting them on charts to try to understand buy and sell signals. My intent was to make a few quick buck to raise capital in order to purchase more long term investments like JNJ, PG, WFC, XOM, etc... On June 28, I decided to put my skills to the test and bought 165 shares of IAG @ $4.12. It fluctuated a little here and there between $30-80 value. I was really excited when it hit $5.48 today and got a little nervous when it got back down to around $5.23 per share. Not wanting to give back everything I had made up to date, I put a Sell Stop order at $5.09.....even though there was no sell signal (according to what I have learned thus far). That was a BIG MISTAKE! My shares sold at $5.10 and the stock is now at $5.19 after hours. :sick: It will probably continue up tomorrow and I'll have to get in at a higher price or find another stock to play around with.:mad:

I will probably buy some NUGT tomorrow and just hope it doesn't turn to DUST. :nuts:
 
jpcavin said:
I will probably buy some NUGT tomorrow and just hope it doesn't turn to DUST. :nuts:
Click to expand...

I think NUGT could be a very good longer term buy at this point. It lost 14% today, which is just another ho-hum day. If you've got the stomach for volatility, it could be a good one!
 
MrJohnRoss said:
I think NUGT could be a very good longer term buy at this point. It lost 14% today, which is just another ho-hum day. If you've got the stomach for volatility, it could be a good one!
Click to expand...
I don't think my stomach can handle holding NUGT for an extended period of time but I'm pretty sure that I can dabble in it periodically. :D
 
MrJohnRoss said:
I think NUGT could be a very good longer term buy at this point. It lost 14% today, which is just another ho-hum day. If you've got the stomach for volatility, it could be a good one!
Click to expand...
NUGT is getting overbought. As soon as the US dollar stops falling; NUGT will turn into DUST. IMO there are good set-ups, but I don't see a good set-up at this point. I would be chicken to hold NUGT or DUST for more than a few days, and most of the time would not even hold them overnight.
 
Uptrend said:
NUGT is getting overbought. As soon as the US dollar stops falling; NUGT will turn into DUST. IMO there are good set-ups, but I don't see a good set-up at this point. I would be chicken to hold NUGT or DUST for more than a few days, and most of the time would not even hold them overnight.
Click to expand...

I really appreciate your imput. My biggest concern is not being able to buy and sell on the same day...the main reason I am scared to get in....
I supposed I can do that a couple of times a week without getting into trouble.. :D

Will be patient and wait for the right opportunity to play...
 
Is NUGT really overbought? I think that depends on your perspective. Looking at the weekly chart, NUGT has gone from a high of $209 back in 2011, all the way down to a low of $4.55 last month. Now sitting at $7 and change, I'm not sure I'd agree that it's overbought. A look at the RSI shows a reading under 30, which generally indicates an oversold condition.

If all the gold miners in the world are going out of business, then I'd say it's overbought, because it neeeds to go to zero. My guess is that eventually the price of gold and silver will reverse their downward correction (if they haven't already), and NUGT will likely move higher along with the PM's.


nugt weekly.png
 
I don't look to NUGT as a long term investment. My only interest in this ETF is for making short plays. My aim is to build enough capital in order that I may buy equities that I want to keep for the long haul. That being said, I am only looking at getting in on short term buy signals and getting out at a price that I set. Don't care too much about sell signals unless it comes before my set sell price. I looked at the charts this morning and I didn't see a strong BUY ME neon sign flashing in front of me. Today NUGT and IAG are trading aroud the same ballpark even though NUGT is 3x bull. If IAG is up 3%, I would expect NUGT to be up 9%, otherwise, why take the extra risk? NUGT started out a little strong but it seemed to lose steam by noon so I'll wait for a better entry point and make my play.
 
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