Early morning action saw the Direxion Daily Miners Bear 3X ETF (NYSEARCA:DUST) test the prior day's low.
It was close call, but the low held (above our stop level) and DUST is pulling away from that area.
- Price action has moved sufficiently off of the low to allow movement of our stop from 23.38 to 23.44.
This stop move may not seem like much but it is good trading practice.
If this position happens to be stopped out, then the loss will be less than the original risk. That again is good trading.
Chart by TeleChart
Note that the trend-line is rising aggressively. One does not need much time in a trend that is rising at 800%/year to have a decent profit.
On a go-forward basis, the trend will be monitored and if the price action continues higher (down for the Market Vectors Daily Gold Miners ETF (NYSEARCA:GDX) ), there may be other opportunities to increase the position size.
Disclosure: I am long DUST.