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$NUGT long

Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) is a leveraged exchange traded fund (ETF) that should be used only for short-term trades. In fact, Direxion on its website notes the returns the ETF seeks on its benchmark (the NYSE Arca Gold Miners Index) are for a single day. Direxion also states the ETF should be used only by “investors who understand leverage risk and who actively manage their investments.”

As stated, I used $NUGT for very short-term trading and this trade was on a 5 minute time frame.

The entry was after the pull back into wave 2 on the EMA55 toward wave 3 high. In most cases trading the wave 3 is the most profitable trade since wave 3 tends to be the longest wave in an Elliott Wave sequence. The structure just before the entry level (4 consolidation candles) provides support and therefore represents a good level for stops (just below the structure). Another very important signal is the bullish cross of fast EMAs (white and yellow) confirming a bullish breakout and continuation.

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