***NOTE: Stops: GLD raise trailing stop to 113.24
GDX: Raise to breakeven 16.55
***NOTE: RSX: Leave stop at 12.77 since we did not get stopped out end of day at 13.04 or lower.
+++++++++++++++++++++++++++++++++
Existing Position: Long ½ GLD 104.35 ATR: 1.28
Name of Instrument: SPDR Gold Trust
Current Price: 119.06
*RAISED***Trailing Stop: 113.24
Reason For Trade: In a Recovery Phase and trying to base, like the wider risk to see if it can hold the January Calendar Range Low 102.49. If it does, 106.24 is the January Calendar Range high. If that clears it also clears the 100 DMA with next overhead resistance at 109 the 200 DMA. At this point I’d rather hold GLD in case it has bottom but we will look to take some off around 2:1 risk/reward ratio or at around 109-110 level.
****REACHED! First Target: Sold ½ at 108.00
*** REACHED! Second Target sold another ½ of remaining position: 111.94
+++++++++++++++++++++++++++++++++++++++++
***Out of ½ at 13.26. Existing Position: RSX: Long ½ 13.70 ATR: .60
Name of Instrument: Market Vector Russia ETF Trust
Current Price: 13.23
Sell Stop: 12.77
Reason for trade: On Jan. 15th this gapped lower and proceeded to provide a two-day Reversal pattern at the lows which was followed by a gap higher leaving an Island-Bottom formation in place. This pattern is a strong signal that a longer term bottom is now in place and provides support from which to trade.
First Target: 15.47 for ½ off
+++++++++++++++++++++++++++++++++++++++++
New Position: Long GDX 16.55 ATR .80
Name of Instrument: Market Vectors Gold Miners
Current Price: 18.40
Sell Stop 16.55
Reason For Trade: After exploding higher earlier in February, the correction was about 10% from the highs. Our long has a stop under the 10 and 200 DMA. Plus, it has cleared a 50 Week Moving Average so our stop is under that as well. A base that has been forming on the daily chart going back from July 2015 and with the recent strength in GDX, indicates that if it can get to 19.00 and hold (near our first target), it can go much higher over time.
First Profit Target: Take off ½ at 18.90
