This set’s up time and time again when you’ve got the timing right. Gold is going to complete its correction here very shortly, and there are several “juicy trades” on deck. Every “wanna be stock guy” on the planet has this chart / set up on his screen.
Something interesting though…
The U.S Dollar “has bounced” against a large number of currencies but “vewy very quietwy” as The Euro has bounced EVEN more! This is not something you see very often and ( in my view ) is suggestive of some very VERY SERIOUS currency repositioning.
This is setting up for “crash like / waterfall action” in USD – and I would expect U.S Equities to follow.
I “could enter as early as Friday as this is a slam dunk. Risk gonna come off HARD next week.
Here is what you do:
Wait until you see gold bottom / dollar top. You need to “get ready and wait” as this one’s gonna help you pay for that big vacation you’ve been planning.
The FOMC meeting is early next week so I would not be surprised if we just bounce around ’til then. Get ready and wait…I’ll post specifics over coming days but this is the plan. This is gonna be a doozy!
Forex_Kong_Prepares
Hi Kong ,
On the downside what sort of levels do you have in mind
on Gold pls
Not much lower Abraham….1250-1260 area looks like the area of previous congestion / support / resistance.
In all Gold has done incredibly well, and in light of current geopolitical landscape is set to move higher “after” this pullback completes.
The miners will “get up and go” as USD takes it’s next major slide.
I think so too . I was short gold from 1282 but took partial profit today at 1266 . Holding bal with 1278 stop loss but don’t think I will wait to see 1250 . I look to long there . Thanks very much
This is getting sooooo close as DOW / Risk juuust shy of topping out here!
Miners and Gold are going to be one hellava trade here shortly ( if not tomorrow ) as RISK COMES OFF thru first 3 weeks of May.
Currencies all lining up to GET SHORT USD AGAIN!
Hey Forexkong, ive been trying to join your website for months, but its broken amd doesnt let me pay. Can you please help me pls.
Pretty straight forward – the site clearly states – NOT ACTIVE at the moment so..if you can please hang tight a tad longer. I’m sure you will be pleased.
In the short term…..feel free to just ask me here. I can make sure to point you in the right direction “trade wise”.
Hey Non…sorry. Perhaps you didn’t hit the front page of the site.
Ya…I’m re vamping and launching a far more advanced service here pronto. If you’ve already gone thru Paypal, I’ll see it there and shoot you back your cash.
Hang tight.
Thanks for the reply Mr Kong. I actually registered with the site and then when it comes to paying via Paypal, some error pops up and then i’m unable to pay…but I guess you’ve already explained why thats the case.
I look forward to your new site. I assume you’ll tweet your new site to everyone when its ready.
Thanks buddy.
Nonsympathizer
Hey Kong – Enjoy reading your musings daily, thanks for sharing your thoughts and efforts. I know there were some inefficiencies with the way that the NUGT ETF worked last time (the problem with all leveraged ETFs). How are you going to set up the long gold play this time around?
I’m gonna hit JNUG…….its cheap as shit and looks to be “double bottom” around here.
When gold flies / risk comes off – I have a very hard time swallowing talk of “gold miner manipulation”.
This thing could easily pop to 7-8.00 bucks on this turn so….I’m playing it that way.
JNUG is my instrument of choice this go round as well… unfortunately won’t be “cheap as shit” on Monday, as there is a scheduled 1-4 reverse split… today’s price of 4.50 will put it at 18… much easier to get 1000 shares at 4.50 compared to 18.
Here’s more on JNUG btw… a few excerpts below and article link… not going to be nearly as attractive it seems…
“JNUG, the 3x ETF based on GDXJ, has been the “risky bet” trading vehicle of choice for traders who want high risk/high reward exposure to gold, so much so that JNUG is now a 1.2 billion dollar behemoth. JNUG, however, leaks value vs the underlying GDXJ over time and this is reflected by a forthcoming 1 for 4 reverse split in the shares. It is feared that this split may signal even more leakage, putting traders on edge.”
“The reason JNUG has grown into a billion dollar ETF is simple- greedy people like me (and you) look at last Spring’s rise and start doing the math, and say “If gold went from 1048 to 1375, I could have bought GLD and made 30%… but JNUG went from 2 bucks to 32”. We start thinking that we can invest 20k and turn the next rip in gold into a 16 bagger in 4 months, and turn that 20k into $320,000. Honestly, we should admit that is the only reason people buy JNUG, and put up with the decay vs. the underlying over time. With the new changes to GDXJ that simply isn’t going to happen anymore. And when people realize this, it will be a problem. Maybe a billion dollar problem.”
http://news.goldseek.com/GoldSeek/1492790640.php
Excellent post here David as…you’ve certainly got me thinking.
I don’t like this – as it adds yet another variable ( and a very large one at that ) to my trade concept/plan. This will not do!
I’m going to poke around here today / dig up some more info and “hold tight” here ’til I know more. Aside from JNUG, there are still several ways to play it. We’ll work something out here pronto.
jnug going sub 3
Sure hope so….and now in light of the split – not sure it matters.
Might just find a better vehicle for this next leg…lots of ways to play it!
Fellas,
stay away from those leveraged ETF’s…
You want “safe” leverage? Play with futures. End of story.
Don’t give your money to those fucking funds… and forget options too.
As for the markets: I sure hope we’re all right here, Kong, and this crap low volatility environment ends soon. Tired of watching paint dry.
Roger that Ancient – this market needs to get moving!
Shouldn’t be long now….we’ll see some action pretty soon.