Silver just broke through the month-long downtrend. I guess today I will buy a long position!
Watch your stops weaseltracker.
If it gets back under that trend, you could be looking at a five wave sequence down.
Not saying it is a failed break, just if it becomes one, it would have just become a wave four upwards consolidation, and a move away from such a failed break would be quick to try to capture the longs into their positions.
Thanks Argentus! Just bought a long position after retesting just now... we'll see
Argentus many thanks for popping in. Over time staying on a tightrope leads to fatigue.
Weasel as I post this you look to have read it well.
I've taken one tranche out @ Ag $16.80
Got out with a very small profit after seeing silver refuse to increase in price this morning. Looks like we may see a weekly close below $16.60 which makes the weekly chart look very bearish
Still hungry for $13.50 silver!
lol I bought my long back when $16.60 met just now. This has been workin for me so I'll rinse and repeat.
Weasel you did nicely on your trade to pocket it while up and with the signals still definitely mixed. That was me yesterday and today I'm back in.
A breach here would be really bad for the technicals. Hope it doesn't happen overnight when I can't trade. I will acknowledge that I'm paying very close attention to AM's work in the Setup thread and $16.30 is the violation point to me.
I guess we will figure out in the next hour as this pennant clears. No guesses on my end.
Bought into USLV today with a hopeful exit higher on Monday...
We're on the same page but a day out of sync. It works out the same given the sideways grind.
For what it's worth I had an open order in the am to buy another tranche if it hit 16.50 and all day a sell of one of the two I have at 16.80. Neither happened. I saw your post about a possible $16.90 and crash,...totally viable proposal today. That's why my buy was only open in the morning but the sell ready all day.
Happy that month end is behind us but still there's no chart that shouts up up and away to me.
Yeah that after hours trading looked pretty ugly again, but it didn't seem to have much affect on Sunday's open last weekend. Hoping for the best!
Yep, misread the chart. I should have not tried to play that short-term burst... I think it's only going to drop harder from here as well. Switching to the short now I think... I guess it's possible I get to see my $13.50 silver price again!
Hotshot here failed to note markets in Canada are closed today. No trades for me so I sit on my long. Had thought about the 4th and futures but not the local holiday that fell on the weekend and will take today in lieu. Whoops.
16.30 has been taken out so this whole sideways grind can now see direction.
Weasel were you able to get in at a decent price? Most of the action happened as it usually does just at the opening of NYSE hours. Always tricky when volume is thin. I am still not convinced of the short going far.
Nah still holding. I have some Obama level hope that we retest $16.50, before/if $16.00 breaks. If 16.00 breaks in the next two days, then I guess I'll eat dirt!
I had an order on the long side but was in meetings and not able to get it to match (I don't like market orders).
So I have $15.70 as this week's support. Probably hold until I can try to get out just shy of $16.00 on the bounce Thursday or Friday. Don't think I'll see $15.90s at market open...
I had a sell order in at a limit price that was just shy of happening. I should have sold market! Oh well!