Silver Charting and Silver TA Chat

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.

 

Must be a very rich trader this

 

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.

 

might be going back to fill gap. If so reaction to $22 will be interesting

 

How so?

 

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!

 

That stoopid gap down really has me lost... back to the drawing board

 

We could see $18 really fast

 

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.

 

laughing

















































...all the way to the bank

 

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.

 

And today we have one
My prayer for a bullish reversal pattern to end the day has been answered!

 

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!