$ Silver $
- Thread starter SethArb
- Start date
Quite a powerful down-move in silver last 24 h. This could be a wash-out of weak hands, of course, but not quite happy with gold testing the lower trend-line in it's - what is it called in english - pennant(?) - formation.
I'm taking note again on how vulnerable leverage-positions are if you get carried away to early and scale up at the wrong time (given a medium to long term time horizon, that is). Luckily I avoided this in silver, though I at one point hold a bit too much gold.
I'm taking note again on how vulnerable leverage-positions are if you get carried away to early and scale up at the wrong time (given a medium to long term time horizon, that is). Luckily I avoided this in silver, though I at one point hold a bit too much gold.
Have not learned how to post charts on this forum yet, but can give you an updated opinion.
Deep test of resistance in silver appears to have been a wash-out, as suggested above.
Break above 15 was the confirmation I was looking for, and used to scale up. Now trailing - last updated trailing stop at 15 (approx.), still in effect. May adjust it after todays action.
Gold - the leader broke out of its pennant formation after a similar deep test of the trend line, looking strong as ATH was taken out directly.
I am aware of certain alternative technical theories which could indicate a butterfly top in gold, however the first (1,272) is now irrelevant given todays action. The last area to be aware of is approx 880. Personally, I do not rate them very high in terms of probability, and am happy to trail my positions according to classical TA.
Deep test of resistance in silver appears to have been a wash-out, as suggested above.
Break above 15 was the confirmation I was looking for, and used to scale up. Now trailing - last updated trailing stop at 15 (approx.), still in effect. May adjust it after todays action.
Gold - the leader broke out of its pennant formation after a similar deep test of the trend line, looking strong as ATH was taken out directly.
I am aware of certain alternative technical theories which could indicate a butterfly top in gold, however the first (1,272) is now irrelevant given todays action. The last area to be aware of is approx 880. Personally, I do not rate them very high in terms of probability, and am happy to trail my positions according to classical TA.
