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Robert Edwards
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Contrarian daytrading technician who specializes in micro scalping of stocks (using 1 minute bar charts), swing trading of stocks overnight, weekly stock option premium selling, pre-market and post-market psuedo market maker and stealth trading activity, and selling commodity option strangles... More
  • DUST Road Map Has Been Golden!  1 comment
    Apr 24, 2013 11:00 PM | about stocks: DUST, NUGT, GDX, GLD

    On 4/6/13 I wrote an instablog giving a road map for trading DUST (check it out)

    If you read that article (and especially the comments) you will see how I was able to predict first a move up to 80 in DUST, then to 104 and eventually 120. At the very top I recommended taking profits and moving into NUGT under 10. In five trading days NUGT has rallied, hitting 13 today. I am now calling for another turn and one should move out of NUGT and back into DUST. DUST has traded down to 85 and I am looking for a short-term swing low either around 80 or more likely 70 in DUST. If DUST stops at 80, the ETF should move back up to 100 to 105. If it stops going down at 70, then a quick rally back to 95 to 100 is in order.

    Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in DUST over the next 72 hours.

    Stocks: DUST, NUGT, GDX, GLD
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  • Robert Edwards
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    Author’s reply » I traded DUST today. It opened at $79.43 and since we had a red Japanese Candlestick yesterday (closed lower than the opening tick), I was pretty sure we would close above $79.43 as DUST rarely makes two consecutive red candlesticks. Thus I bought shares on the opening, got out on the rally towards $82, got back in on dips to $80, $78, and $76, but as we rallied at the end of the day and closed $80.89 (green candlestick), I am now flat. The move in gold and gold stocks was so powerful it appeared we would go up on Friday in GDX. With the overnight strength in gold, I anticipate we take out the $76 low on Friday. I plan to buy the dips at $75 and below on Friday.
    25 Apr 2013, 10:36 PM Reply Like
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