I'm reading the recent candlesticks on the silver chart as the first bullish development in a while - and in the nick of time. The pattern isn't fully kosher, but enough to give an idea. I'm likening the last three days to a bullish abandoned baby sequence. http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:candlestick_pattern_ You get a negative day a small range indecisive day (doji) and a day in the opposite direction. In a true abandoned baby you get gaps down and up in the intervals. Note also though the high volume on Silver's recovery day. And this has taken place just above the key support level at ~26 that everyone is focused on - hmm On another theme, look at how the momentum indicators are rising between the low, and lower low, of the silver price, mid May - June 24. We should get some rally, or at least a bounce out of this I reckon, but maybe someone who has been right about silver lately will have a view - I've got a 'confirmation bias' problem with the PMs it seems.
It'll sky rocket tomorrow (I've put a large bullion order in with the mint that will be priced on tomorrows market) and then crash big time at the end of this week! I have an uncanny ability to time this perfectly! malachii
Doesn't matter. After the correction's over, it will go higher. Could happen now could happen 6 months maximum i believe.
Well how do you like that for a bounce so far? The candle from last night shows a higher body and a higher bottom shadow! - No, a bit of a disappointing follow-up really, but it's not defeat yet. Let's see how the next few days pan out. Candlesticks only offer a probability of an outcome, assuming the interpreter is correct. Often too there is a delay in the result for what they seem to signify. The Japs - poets Looks like malachii picked a good buying day.
In six month's time no one will come back to this "bullish abandoned baby" pattern to pinpoint it as a defining moment in silver's history. If you need to analyze every candle, perhaps you'd be better of at the TAB or casino.
We're mostly stale bulls, and hanging out for signs of support at $26. Even just a bounce here will add strength the the $26 support, and chance might get more than a bounce.
If Mike Maloney read that he'd be giving you one hell of a facepalm. Sentiment on investment forums never ceases to amaze me. Price goes up a few dollars "It's to the moon, buy now or you'll never get any". Down a few dollars "Quick, sell before it hit's $15 and stays flat for a decade".
Actually just rereading that - that's wrong. If it turns out to be a significant low I will return to this thread again and again, many many times, for years.
Trying to learn the candle chart here.. why are there 3 colours? Red when it goes down, white when it goes up, and what's black?
Silver is at a VERY critical junction if anyone was not watching closely here then maybe they should try a term deposit or something a little more hands off
They are all red or black in colour, but they can be either "filled" or "unfilled". Red = today's close < yesterdays close Black = today's close >= yesterdays close If closing price < opening price = filled If closing price > opening price = unfilled
Why? Would that have changed the outcome? Quite frankly I don't really care what it does today or tomorrow, unless it drops significantly and I might find some spare fiat to spend. I would not have sold any so regardless of what it did so why the need to watch it closely. It didn't do anything anyway and it would have been a terrible waste of my time. My concerns will be the prices in 10, 15 or 20 years from now, maybe I will never touch it and the kids will inherit it. Yes it is nice to see the little bounces to confirm to yourself that you invested properly. However me watching it today would have made no difference to the silver price, my stack or my long term plans.
