Being long over the weekend would suck, poor anyone in that situation. The fact it is below 21.30 is VERY bullish IMHO... the fact it never tested $20 is the only hold back. Gold may go back and sniff @ 1320
Speculation is that a trader got a margin call on a Yen/USD trade and had to dump a bunch of silver into a thin market.
That was Zero Hedge speculation, but the market was very thin and right at support, so it probably didn't take much to start the plunge.
True it wouldn't have taken much. Regardless of how this was triggered, This will give us a chance how many bulls have been waiting at this level.
silver seems to move in increments of $2 that I have noticed anyway. 21.34 was the top for march 2008 and I was not going long until that had been dealt with
Nice observation thatguy regarding the increments in $2. Silver is really the beast of volatility. It was only 3 months ago that it was trading above $30!
1st target reached... patience brings rewards. I'll update this latest trade tonight, along with the gold short. http://forums.silverstackers.com/message-369546.html#p369546
Entry level (short) = 2295 Stop loss = 2325 (30 pips) Margin required per 500oz contract = USD$166 Risk per contract = USD$150 Target = 2154 (from above chart) Risk:reward = 1 : 4.7 Exit level = 2154 (stopped out) Profit per contract = USD$705 = 425%
http://www.onlinetradingconcepts.com/TechnicalAnalysis/Candlesticks/MorningStar.html not much into candles ... but Comments pls
yes I can help here, The first one is a classic 'christmas cracker'.......trade promises a lot but delivers token gains. The 2nd one is the 'double wick candle'....trade it at both ends but exit before getting burnt The 3rd is the most dangerous....'the tom thumb'....shows a potential for quick profits but the trade is capable of blowing up in your face. I hope that helps.
Don't do candles much either, but that is definitely a morning star. The only pattern I really take note of are the engulfing patterns, and they are reliably scattered all the way through the silver daily.
Just want to give a quick thanks to all that post on this thread. I know diddly squat about trading but like to look at the charts and read the knowledge that's posted here. Thanks!