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As GDX approaches the Overbought level, it is interesting to note that the price surge in gold has attracted large sellers.
As of now, I will increase the GDX long position on pull-backs.
You will also note that the drop is USD has attracted buyers. Hence, Gold/USD are once again inversely linked.
Pascal
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[ATTACH=CONFIG]18618[/ATTACH]
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If the GDX MF of the previous day close is higher than +1.25
and if the opening price is higher than the price of the previous close
and if at 9:50:00 the difference in MF between the Open and the current MF is negative then:
[B]SHORT a full daytrading position for an average gain of 1.18%, with a success rate of 83%[/B]
This means that when overbought, there is a statistical advantage in shorting an opening gap-up if such gap-up attracts selling by 9:50. The success rate of such a trade is only 83%.
If such conditions are met, a message will be displayed at 9:50:00
Pascal