Although gold got up to 1213 early this evening, it pulled back to the 1208 level, which is roughly where it finished last night. Hence, the JNUG traders obviously decided that gold might not have the strength to break out above the 1208 level as JNUG has fallen about 4% atm. However, my JNUG long trade was stopped out at 10.45 for a 9.9% profit from last night's entry.
Similarly, my GDXJ long trade was stopped out, but for only a 1.1% profit. I was in two minds about what to do with the less volatile GDXJ ETF, protect profit or build up a larger position while gold is relatively low.
If gold does escape from the 1208 level to test the 1240 level, then my two gold related ETFs will have been stopped out too early. However, on too many occasions this year I have not protected small to modest profits with tight stops in order to chase larger profits, but only to see the small paper profits disappear to be replaced by small but realised losses. Hence, on this occasion I am content to bank the small to modest profits.
My continuing efforts to bank some really large gains (from relatively short term trades) during the last few months continue to be thwarted. However, I will continue in my endeavour until I discover a new strategy.
My IBB short trade is still doing ok and is presently showing a modest paper profit. Hence, I have moved the upper stop down to the point that if the IBB price reverses a small profit will be realised.
