I need to short the metals as a hedge against our long gold and silver positions. Take a look at the GDX in the daily chart above. You can see the highly defined downtrend line, from $45.00 to $40. I will stay short under this downtrend, roughly speaking.
Unfortunately the gap down Friday and another long stick today eliminated any good short entry point for now, but I will short a 1/4 position or 25 shares of GDX right now with a $4.00 stop. You can see what I am talking about in the 5 day chart in the 15 minute time frame.
If you are daytrading don't do this. I am trying to get in while the gettin is good! Gold and silver could fall a long way from here.
Sell short 25 shares GDX @ 38.09
Stop @ $42.08
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