The New SLV Uptrend

C

cactiman

After a 26 month Downtrend from 48.35 (04/28/13) to 17.75 (06/27/13), a New SLV Uptrend has been established:

06/27/13 Low: 17.75

07/22/13 High: 19.89 (+12.06%)

07/31/13 Higher Low: 18.71 (-5.93%)

08/27/13 Higher High: 23.84 (+27.42%)

08/30/13 Higher Low??: 22.55 (-1.29%)


Total Gain as of 08/30/13 Close = 17.75 to 22.60 = +27.32%
 

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I bought SLV 100 JAN 2015 17 CALL @4.24 LMT when SLV was at 19.27.
My research suggests SLV could go to new all time highs, even up to 3 figures eventually.
Tight stops in an erratic mover like SLV could result in lots of whipsaws.
So I'll try to hold for longer term gains, adding to the position on dips, assuming the Uptrend remains in place.
:cool:
 
Quote from cactiman:

I bought SLV 100 JAN 2015 17 CALL @4.24 LMT when SLV was at 19.27.
My research suggests SLV could go to new all time highs, even up to 3 figures eventually.
Tight stops in an erratic mover like SLV could result in lots of whipsaws.
So I'll try to hold for longer term gains, adding to the position on dips, assuming the Uptrend remains in place.
:cool:
More...

Uptrend? You got much bigger timeframes showing downtrends, I think you are over staying your welcome, in a counter-trend trade.
 
the great thing about silver is that when enough long term zero leverage bulls get in it will just go straight up due to the annual defecits we run in silver prod/consumption. i'm long from 30 or so and just wished i had more money to add this entire downdraft.

governments historically are batting 1000% at ruining any fiat currency they have controlled... but everyone will try to argue that "this time is different" *facepalm*
 
Quote from dumb_mother:

the great thing about silver is that when enough long term zero leverage bulls get in it will just go straight up due to the annual defecits we run in silver prod/consumption. i'm long from 30 or so and just wished i had more money to add this entire downdraft.

governments historically are batting 1000% at ruining any fiat currency they have controlled... but everyone will try to argue that "this time is different" *facepalm*
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Are you saying you need SLV to go up another 40% or so before you break even?

Gringo
 
Quote from Trader.Fighter:

Uptrend? You got much bigger timeframes showing downtrends, I think you are over staying your welcome, in a counter-trend trade.
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Interesting. So you think the Long Term Downtrend is still in place, and SLV will eventually hit new lows beneath 17.75?

To my way of thinking, once SLV went above the previous Downtrend's Lower High of 19.89, the Downtrend was broken.
17.75 and 18.71 then became the Low and Higher Low of a New Uptrend.

I reckon as long as SLV stays above 18.71, this New Uptrend is still in place.
We'll see what happens...
:)
 

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Quote from cactiman:

Interesting. So you think the Long Term Downtrend is still in place, and SLV will eventually hit new lows beneath 17.75?

To my way of thinking, once SLV went above the previous Downtrend's Lower High of 19.89, the Downtrend was broken.
17.75 and 18.71 then became the Low and Higher Low of a New Uptrend.

I reckon as long as SLV stays above 18.71, this New Uptrend is still in place.
We'll see what happens...
:)
More...

You looking at the timeframe that is convenient for you to believe it is uptrending.

Check this chart, is this an uptrend?

slv.png
 
Quote from Gringo:

Are you saying you need SLV to go up another 40% or so before you break even?

Gringo
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no about 30 but it doesn't matter since i only plan on adding to the position for the next 30 years.
 
I see bit different opinion that most of you, I see it in obvious uptrend based on weekly chart. There is resistance at 25, and based on daily charts and Volume, each lower low pivots had less volume which triggers screeners in programs I have made. So I am patiently waiting for retracement to accumulate shares and start doing Put credit spreads as I anticipate up move.
 

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