My interpretation of the silver chart below (weekly, USD). Silver recently broke support at $18.62 and hit below $16.92 support. Silver last consolidated strongly between these two levels between Sep 2009 - Aug 2010 and between Feb and Aug 2008, so there may be a bottom at current levels and some more sideways action? If not, then I'd expect at least $14.65 to hit next support level - a major support level that goes back to April 2006 ~ Scott
This one has been brewing for months. - see here > http://forums.silverstackers.com/topic-51628-what-do-you-think-of-this-stock-opinions-please.html Patience is very rewarding in trading. Initial entry short at 1819. Margin per contract = USD$134.40. Position stopped out at 1726. Profit per contract: USD$465.00. Profit as percentage out-lay (margin) = 346% Annualised = 8419%. Me eating Pirocco's money.... for nothing.
Bumping this thread to ask a question. I am currently short via DSLV. While I am not a chartist, I do have an ability to see patterns forming and recognize the current psychology of investors. The reason I went short a few weeks ago was that I thought we were replaying the April-June, 2013 chart pattern. October-December, 2014 would have equated to April-June, 2013. October, 2014 looks very similar to Aoril, 2013. But November is looking like June and it appears that we skipped the middle month. So, I have lowered my topping price on DSLV to around 94-96 and expect to reach that area within a couple of weeks. At that point I will sell the DSLV and be long via physical pms. Does any of this coincide with what you guys are seeing or is it the cheap red wine again. :lol: http://bigcharts.marketwatch.com/ad...sToggle=false&chartStyleToggle=false&state=14
Try some cheap red wine and it will go all sorts of directions. Just stay away from Harvey's bottle. You don't want to mess with an invisible 6 foot rabbit. Trust me on this one. :lol:
On a more serious note about the sideways crap that's going on looks like a pennant on the hourly. IMHO if it breaks down and makes new lows between now and trade of close tomorrow (Thursday 8am) then down the slippery slope we go IF NOT, then a decent sized correction could be in the wings. If that is the case it will just be (for me) a position to short from again.
Well we all know how the pennant resolved [youtube]http://www.youtube.com/watch?v=CCfzvYMDBrQ[/youtube] was very surprised we did not see a 14 handle last night, Crimex seems to be where the sideways is at
What I am hoping for is one more down day tomorrow and I will expect to close out my DSLV shorts. From my very limited charting perspective, indicators (RSI & MACD) are reaching minimum and maximum areas for this move.
May not be lot of worthless currency, I have confidence in my ability to frick up this trade. One thing I did not consider is that DSLV could gain a premium over its normal value. I don't have time to study that factor right now and it may be important this week.
Market close today? I was hoping for that scenario today to sell my DSLV and go long. Didn't happen in the US market. Does this look like the same situation when gold broke $1180 a few days ago. Dropped down on October 30-31st (Thursday-Friday), flat November 3rd (Monday) until it started to fall at the end of market on November 4th and finished the drop on November 5th. A similar scenario would mean start falling on Friday and finish on Monday.
http://www.safehaven.com/article/35...ading-alert-hui-to-gold-ratio-at-its-2000-low Chart pr0n the gooood stuff
G&S both just busted a couple of descending trendlines... significant? Enough for me to lighten my positions, might just be worth a small bounce
http://traderdannorcini.blogspot.com.au/2014/11/wild-volume-in-overnight-gold-trade.html Manipulation
