Trade Update #2
Added 30% of full position to $DUST, avg cost price is now $18.1.

Trade Update:
GDX looks to be forming a temporary bottom and bouncing back a little today, be on the lookout to add your first wave of positions at $18.25 and below on $DUST.

Yesterday’s Trading

Gold and gold miners sold off harder than expected today, which at least is a step towards confirming our bearish thesis. However because I was expecting a retracement, I placed my entry orders too low on $DUST and it never got filled. I decided not to “chase” the gains and will wait for the next wave of retracement to find the most optimal risk/reward entries. I learned through many mistakes that to be a consistently profitable trader, you have to have the discipline to let some trades go even if you got the direction right. Never let yourself trade based on the Fear of Missing Out.

Current Position: 10% of full position in $DUST at avg cost price of $17.5.

What to Expect

Nothing big to update on the macro front as investors are now mostly in preparation for the next wave of earning, starting this morning with the major banks. This earnings season will be extremely important because investors will be scrutinizing actual results compared to the heavily downgraded forecasts we have, they will also be looking forward to company guidance that will shine light on whether companies are also forecasting a major slowdown for the rest of 2019.

I’ve updated the chart with new entry zones that detail where I will be looking to add to my $DUST position.

GDX – Gold Miners ETF