They tell me you are supposed to take profits and so that is what I have done with another gold miner, Klondex Mines, because no matter how positive I am on the company a chart like this is vulnerable, too far above the EMA 10, let alone the SMA 50, which is around where I originally bought it.
We had previously advised that traders consider taking profits as GDX hit 23 and HUI hit 210. I did that with some positions, but had wanted to hold this one indefinitely. Well, so much for that. Meanwhile, I’ll get dinged on the ones I decided to hold but with lots of cash am in a position to either take advantage of this pullback or in the less likely (IMO) event it violates certain parameters, avoid most of its damage.
NFTRH analysis fully anticipated the disturbance in the sector and advised profit taking for traders and a probabilities based view of what this pullback is and is not.
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