I'm not in a position to paste a picture but if you look right now you will see the pattern reversal I was looking for.
I meant the slam down during Comex hours from the overnight price. It didn't quite happen the way I was expecting - overnight went high. But it's got to be some kind of a trap. And I did know it was about to be sprung.
I was wondering what your post meant Happy, but I was able to figure it was something along those lines. Still waiting to load up at silver $16.00
Weasel Tracker wrote: I was wondering what your post meant Happy, but I was able to figure it was something along those lines. Still waiting to load up at silver $16.00
yeah I guess I thought it was clear but maybe only in my own head. I don't like to try and explain too much because it actually interferes with my judgement and gets me overthinking.
We're all looking for patterns, by looking at patterns, right?
I noticed price action generally boring when not on Comex hours, but every day Comex would sort of float up then down, with lower price outside of those hours.
I'm waiting for $16.50 or lower too. And it just is not going there with that pattern.
Then yesterday I realized that there would soon be a Comex smack down. The pattern was a setup. Of course I wanted it to be smashed from $16.60 to $16.30 or better, decisively through $16.50. What happened instead is that it floated UP overnight and then as soon as Comex opened, slam, 30 cents down. So, I'm right, but didn't see the full picture. Still, seeing the setup counts for something.
I wonder how many were lulled into thinking $16.60 was a bottom after 3 days, and seeing the rise overnight....getting steeper toward 8 am...decided to go long, only to be burned if they had a tight stop. Not sure who the target of the sting would be with that timing.
Note that had the smack down not taken place by tomorrow I would have lightened my short position.
Disappointed it hasn't moved lower coming out of that. Not from a chart or prediction perspective just from impatience haha. On the other hand it didn't drift back up in Comex hours. Still short.
Woot! Patience pays off. Might take a little profit, markets closed on Monday in Canada.
Edit. Bloody heck! Could have been out and back in if I was a little more willing to sell.
Increased short pos'n at Ag= $17.18.
Dang. Was looking for price to dive tomorrow :(
haha me too! I had an idea $17.40 was going to be top, but I didn't play again though. Still waiting to catch the bottom...
Had expected this break downward yesterday to be honest. However set my short sell price earlier this morning when the 9am up/down happened. Met at $16.81 so that’s one tranche sold. As long as we sit in these doldrums there is a fairly reliable chart pattern that I observe before a turn. The range lately is barely enough for a profitable trade though, prefer 60 cents of difference to drive my buy/sell, and overnight high/lows don’t count.
Oh what the heck, it’s a good day to exit shorts. Sold another tranche at 16.76.
Considering a bit of long, even.
come on $16 dollar silver! Still waiting, though losing opportunity. Excited to hear your trade is working out Happy!
Thanks Weasel. Silver will need to hit $16 or lower before it can make a really big upside move. So I'm left trying to squeeze something out of this range. Fwiw I didn't get the price to pick up on the long side and I may not. Most likely have to wait a day or two and rebuy the short. Ah well.
Done with short and got a little long today.
For the sake of posterity, switched sides at $16.73
Attempting to get a little more long with Ag under 17.70 but the target keeps moving, I missed the opening panic low prices of the 2X ETF :-( and won’t chase it up.
Two tranches long @ Ag 16.64
Ag = $17.10 sold half the long about 10:10 am. That was quick. Hope I can find time to muse on what’s next.
Mused long enough. I think it’s going to bust. Exited long started 1 tranche short Ag $17.16
(First trades in months fwiw.)