GDX Short Term Update
September 15, 2016
Trader Scott’s Market Blog
Before today’s (9/15) open, I sent out a chart for the folks on the Trader Scott’s e-mail list. It was a short term trade that I was waiting for. I have constantly repeated that I LOVE buying markets that have supposedly “broken support”. I keep posting examples of this. I hope that people start believing me. And for the people with a long term view, this is how I trade/invest on any time frame. I totally RESPECT SUPPORT and RESISTANCE zones. When combined with being in harmony with the TREND, it’s a powerful combination. When the TREND is up, “they” (the “manipulators”) make it tough to get long. “They’re” selfish. “They” don’t want us making profits. “They” want the profits all to “themselves”. “They’re” bullish and believe the market is headed much higher. “They’re” focused on amassing a large long position. “Their” buying, in large part, marks the SUPPORT zones. “They” want you to buy at the wrong time – when “they’re” selling/shorting. And “they” want you to sell at the wrong time – when “they’re” buying/covering short positions. But buying into the reactions into/below SUPPORT in an UPTREND is something that I’ve literally done thousands of times as a trade. And many, many times as an investment. learn to do what “they’re” doing. AND THEN YOU WILL LEARN TO IGNORE THE INCESSANT WHINING ABOUT MANIPULATION.
So here’s the short term GDX chart that I sent out in last night’s e-mail, with SUPPORT and RESISTANCE zones marked. I said that I expected more retests of the low.I don’t know what’s going to happen in the future. That’s not my “job’ to know that. But what is my “job” is to work hard/be prepared every single day, so that I can take advantage of opportunities IF they arise. And one of my main tasks is to delineate the low RISK/high PROBABILITY entry points. That’s what success in this business is about. Preparing, anticipating, acting if the opportunity arises. And then managing the trade/investment once in.
And here’s today’s update showing what I’ve done so far:
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day.Scott returned to markets over fifteen years ago where he continues as an independent trader.