Starting to get a bit parabolic here, with bullish media stories and record speculative long open-interest on COMEX, so I think it is wise to roll up a trailing stop on a portion - say half - of long positions. The way I like to do it is place a stop a bit below the low of the most recent major up day (>1 ATR upmove on cash silver on the day), and trigger the stop only if the market goes below it on a *closing* basis. So that would be around 7.85 at the moment. This will ensure that any reversal does not do too much damage before stopping out a good chunk of the position.
For the longer-term, the nearest major support is around 7.45, and a weekly close below there would get me out of my position (although I may exit faster, depending on market action). I would also be looking to take partial profits into any really big sequence of spike up days.
For the longer-term, the nearest major support is around 7.45, and a weekly close below there would get me out of my position (although I may exit faster, depending on market action). I would also be looking to take partial profits into any really big sequence of spike up days.
