'Broken charts' and bargain shopping
F-15, I'm thinking we might be seeing charts and price action from 2 contrasting perspetives and strategies. It might help readers if you can give a description/summary of what your strategy is, regarding 'trading' versus 'investing' in PVG. and I can describe mine as well.
I'm strictly looking at PVG as an longer term investment, that I expect to sell when PVG gets bought out .
I don't know when that will happen.
but in the meantime, I use technical charting to try and see what the bargain support zones might be ,where I can buy a little more (I own almost a full position) and use charting to see what the 'top zones' might be where I can sell/trade a portion, if it looks like the chart calls for further pullbacks.
The recent and current chart wave structures looked like one of those times where the 7.40-7.50 area might be a 'top' to sell some, and now this 6 dollar zone (5.50-6.15) looks now like the bargain buying zone the chart showed me.
and price action for PVG has correlated precisely with spot gold.
as gold fell to the current 1308 price, PVG fell to 5.90 area
IF spot gold makes a bounce here and fails around 1325-1340 area , and falls down toward 1270 area , PVG could correlate with a drop toward 5.50-5.30 area.
So for me, its just a question of what bargain price I want to buy more at
If I was just trading PVG, I would have sold some where you did around 7.40...but I might be looking to buy here or soon.
I have a stink bid in around 5.75
What do you mean when you say the 'chart is broken' ?
