Strategy Description: Anytime you can define risk pretty tight on such a high ranging ETF it is a good idea to initiate a position. Of course depending on the scenario you can add once it begins to work and trend as well to further the risk-reward even more. So this was a real missed opportunity that I didn't take!
Gold was down $10 which is a relatively big move for gold. The ATR is about $12, and NUGTs ATR is just over $5 so you would expect NUGT to be down at least a couple of $$.
Yesterday's close on NUGT was $46.65 and it had a little gap down of about $1 (despite the big move in gold). So already should be thinking about anticipating somewhat of a fade-off on NUGT. However obviously can't just initiate a position there (or depending on risk-reward may wish to initiate a small starter). As NUGT pushes for green you should be anticipating the fail and short quite a bit there with a relatively tight stop-loss. As it peaks out add a little bit (because risk is now defined, although maybe expect one more failed push), and then add as it finally moves in favour.
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