Eyeah. Should it slip from here I'll end up selling the bull ETF I have left and switch horses. Hopefully it doesn't crash before the stock market open and I can still declare a profit.
Incase you were wondering how I drew my resistance lines, and came up with price targets in that last chart...
I believe silver and gold move in channels defined by parallel lines in two directions. In this chart, you can see that the lines are defined by a combination of highs, lows, closes, and opens
This is what those same lines look like extended out...
I jumped into DSLV today. Looking for a long run south....
Thanks Weasel, there are a few different ways to look at charts to be sure. I like what you are doing there.
I likewise exited the long and started with the short this am.
Something seems fishy. I don't like the pattern of the past 4 days in total when considered against resistance and direction change areas in history. Exited the short to lock in the profit. Flat now.
That's probably the smart move. I'm going to hold, and expect a bounce at either one of these points this week...
I really think support is going to break though. We'll see.
After 3-4 days of grinding down and 17.20 busted expected today to be more .... decisive. It may yet be given it's not over yet. Just seems fishy.
Happy, I'm looking for a weekly closing price at $16.60. It seems like the 50% of the time one of my mapped resistance areas are crossed in either direction, which leads to a breakout, the previous weekly close in on the line. We'll see.
Given the pace so far, it seems like $16.60 is a possibility.
Looks like a flag forming in silver?
Looking for a bounce off $17.00
It smelled fishy. Now I see the fish. I hate when they do that.
I got bit as the pop went the wrong way. I took a small loss, but I just switched into USLV .
Looks like we may have a fishy way up as well? I should have looked into this yesterday, thanks!
I can't see direction yet and am sitting out.
edit - 15 min later. Seen enough. Going short.
Yeah, dropping below $17.10 now... and hard. Took another small loss and all in cash now. I thought the rally looked bullish and jumped the gun.
This was not my trade I guess! Great job Happy!
Definetely bearish, but I'm going to hold off on trading until next week. I want to see what Monday looks like.
I was OK sitting out but shortly after I posted that I wasn't clear I saw it heading for $16.11 for the 2nd time and realized it had not decisively punched through $16.20 after shooting through $16.35 for a brief moment.
Weasel Tracker wrote: Definetely bearish, but I'm going to hold off on trading until next week. I want to see what Monday looks like.
That's wise. Hard to think straight after this. There is always a next trading opportunity.
I don't think there is a whole lot of downside left and will be looking for an exit today. Fingers crossed it doesn't punch up around 10 am.
I think we will see a $16.60 weekly close as per my prediction before the awful (for me) Fed day. I think it would be weird to come all this way, and not touch that critical support.
I also still think that $16.60 support won't hold next week.
16.60 ish is my target as well. I don't like to hold over the weekend unless I'm fairly confident of direction. While I agree 16.60 may fall I don't see it strong enough to override my sense of caution and my day job can easily get in the way of staying in the groove, would hate to get burned by a bad bounce.