Recorded on February 18 2026
Patrick Karim of Badcharts and Northstar and Badcharts joins Andy Millette to cut through the noise on gold, silver, and the miners using pure chart structure and disciplined trade management. Patrick explains why an uptrend can still be a bad entry when price is stretched, how he defines a lower risk entry point using longer-term moving averages, and why V-shaped moves can be difficult to manage with clean stop placement. They get blunt about corrections, drawdowns, and the simple truth many traders ignore: you are allowed to step aside and wait for resolution. The conversation expands into relative opportunities across commodities, plus how to think about setups like poker hands so you stop forcing trades that are not playable. If you want a framework that prioritizes survival, timing, and repeatable process over being “right,” this episode is built for you. #Millettian
Key topics
What Patrick means by lower risk entry and why stretched charts matter
How to treat corrections and when stepping aside is the best trade
Avoiding massive drawdowns with trend and timeframe confirmation
Sell stops, V-shaped recoveries, and why entries can be hard after big moves
Cross-commodity chart opportunities and relative value thinking
Charts like poker hands and the right versus money mindset
Host Andy Millette Natural Resource Stocks
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Chapters
00:00 Cold open not a low risk entry
01:11 Andy intro and Patrick’s track record
01:54 Defining lower risk entry points
04:29 Moving averages and stretched miners
05:44 Avoiding 70 percent drawdowns
07:54 Step aside during corrections
17:19 Relative value oil plays versus miners
29:55 Commodity board coffee sugar natural gas
30:49 Sell stops and V-shaped recoveries
31:11 Charts like poker hands
32:00 Be right or make money
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