Tuesday, June 21, 2011

triple sets:

some triple touches work, some don't.

 You won't know until

a) they touch
b) you connect with market action.   GDX failed a few days ago - but its plunge to the bottom corresponded exactly with a plunge in the indices.  When the indices bounced, GDX bottomed as well and went on to make a huge move 3 days later.  (GDX outperformed on the big rally day.)

These set ups often take time to form and time to push out and extend.  I need to take more positions and hold... as long as the market is doing okay -- hold on.  And wait for the touches.  The best entries are markets that are holding up well during corrective times.

No comments: