Saturday, March 25, 2017 12:29:13 PM
I am still looking at different ideas that can help me get a closer idea of an entry and exit strategy. I am getting better on the entries, for me it's not about hitting the exact bottom, but trying to get in when a trend is about to change and not have to average down LOL. My biggest problem now is the exit. The markets are good at always taking out my stop loss entries, so now I am using the charts with mental stop losses after my initial entry but will place a trailing stop once a trend moves up and I am in the money.
I don't want to leave as much money on the table as I have done last month. Not to be greedy, but stick to a plan and not get taken out by fear in the up and down swings by tightening my stop losses to close once an up swing starts and I have a profit.
I have been looking at the RSI a little more lately as to what it might be able to offer in regards to an entry and exit strategy. I think that I have posted something similar to this before on the 60 minute or daily chart, but I am looking at it now on the 15 minute chart for scalping. That's what I enjoy about charts, the same strategies usually work on any time frame just as long as I remember to take the profits based on the same time frame strategy.
these are some bullish ideas on JDST/GDXJ IF gold pulls back and GDXJ follows trend.
I am a little more partial to the 30 minute chart. I have also been looking at the fibonacci extensions and retracements as targets as well. It looks like GDXJ may test the purple 200 MA in this chart with 35.71 as a key level of support.
looking at the JDST chart. Sorry for the clutter. I try to color coordinate things to group my train of thoughts together. This is only a 15 minute chart, not a long term play or trend reversal. Good for a scalp.
30 minute chart with fibs and possible target if JDST breaks 15.22
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