Jackson Hole To Be Empty: July Retail Sales Spike As Producer Prices Have Highest Increase In 6 Months Bad news is good news is bad news?!?! LOL
Haven't contributed for a while so here's my take on the matter Above is the Silver/AUD chart, and here are my observations based on it:- 1. We are currently dithering at the top of the triangle. In my humble opinion, there hasn't been a break-through upwards yet. 2. Even if we break upwards through the triangle, we need it to stay above the triangle for at least 1 or 2 days for the bullish continuation to be confirmed. Note that there had been 4 occasions prior where price tried to break upwards with force (circled in the above diagram) but immediately came back down into within the triangle by the next day. 3. If it can't break through, it will bounce within the triangle again and currently the bottom of the triangle is currently at $25.50 4. I reckon the same rule applies if it breaks downwards, we mustn't be too quick to judge its direction if it just breaks out downwards for 1 day. 5. The tip of the triangle is at around 10th September, so it is likely we know which direction price wants to break out before that date. 6. As for what I am doing, I am a silver long-term investor who also uses TA to judge when to enter, so I am currently holding back my extra fiat and would let the price make the first move first before I invest more.
+1. I have $28.41, but IMHO Fri night is never the most comfortable time to enter long......? Update on previous post:
Might be worth a small short position @ $28.29 and manually stop out @ 28.34 **EDIT** Gold is in lock step with silver but silver is @ a resistance level... so silver is leading gold around??
Tonight will be an interesting night. All charts are at key daily resistance levels: gold, silver, DOW. Will resistance hold or will resistance fail?
sure will be interesting... I have a short in play since $28.29 and have some longs @ $28.37... Am willing to loose some to gain a few oz
Haha.. all the best with your trades thatguy, calculated risks! One other pair I am keeping a close eye on is AUD/USD. It is also at key daily support now @1.0435. If bounces off support and reaches higher, it will be good thing as it will make silver cheaper to buy with AUD.
Here comes the push to break resistance, hang on tight! It's getting very close to your long orders , thatguy.
Tough nut to crack, this $28.33 barrier. Plus, we're 55 minutes away from US Consumer Sentiment data, this event will likely move all indices, including silver price...
Good thing you've set tight stops there You have nerves of steel thatguy! I would have a difficult time holding my nerve going into US opening and Consumer Data with these trades open!
I have a feeling better then expected news... which is good news... which means no QE... which is bad news... which mean $$ and Ag for me which is good news... lol
My wish is also for it to go down further, I want as much value as possible when I buy my next stack of silver. I'm gonna go take a shower, grab some chips, and sit down to watch some Friday chart fireworks later Good luck with those trades thatguy.
Congrats thatguy, well traded. Looks like it is challenging the key resistance of 28.33 again tonight. It's definitely knocking stubbornly, could tonight be the night it breaks? Update: Looks like it has, we have lift-off.
