GDX Update

Red dog reversal in the works (courtesy T3 - after at least three down days price makes new low then trades back up through yesterdays low). Using this intraday pattern to springboard into macro trade with better positioning. If red dog reversal plays out we'll have a strong close on the daily, which will be a good reversal candle. If that daily reversal candle has follow through in next few days GDX will break its downtrend line on the daily, which means I have much better position and risk-reward than if I'd simply waited for a break of the trendline.

Daily also has pattern I like - strong rally pokes its head over trendline but no solid break, then pulls back (people selling at the trendline, hopefully some people getting short). Basically creates a flag hugging right against the trendline. Usually follows through with a solid break after 5 days or so hugging the trendline. That's what I'm betting on.

I also like that the reversal candle is on a pull back into moving averages after the second break higher above them in past 6 months.

Daily:
Intra day 15m:
I'm playing around with the pitchforks here too - it broke the downtrend pitchfork on the daily already, and also pushing through this intraday pitchfork (a little more push will be a clean break). Bought that pullback 45.07, stop underneath lows. Will also stop out of we don't get a strong close today, so intraday risk is even less (assuming it doesn't collapse).

Will take some off the table around $48 - $50 and $54 levels, but ultimately trying to position myself for a break to all time highs because I'm bullish on gold and the miners basically offer away to leverage that.