As posted in my previous posts I'm bullish for Silver longer term. However I'm not so certain that the correction is already over and there are mixed signs regarding the recent bullish move from 15.80 area. I therefore will sell the possible bearish break IF we don't take out the recent high at 17.47 first. If it takes out the high the whole process starts all over again. Longer term trade plan will not change. For context see link below:
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I'm still not completely convinced that Silver is on its way higher again in terms of the daily time frame. We might still be in a more complex correction. I like Silver to retrace lower so I can add to my long positions I hold for longer term. However we have to trade what we see and short term we might see another leg lower. Yesterday we saw a strong bearish move and I like to see at least another leg lower.
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Silver is really testing its range but I will look on lower time frames for bearish impulses of lesser degree to add to my current short because it seems almost ready to break lower.
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TomPower
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Yes Tim I need to get on board this pig after the next downturn
jbourgault
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jbourgault
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I'll be selling too on breakout. of the current consolidation. Consolidation in the form of a very narrow channel is among my favorite setup : it "seems" (feel free to comment) that when the breakout happen, it is usually quite strong and there is not much retracement back afterward. Making it easy to enter.
TimStuyts
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Yes silver tends to move fast. I've already a few shorts from 17.665 and really like to add on for that third leg lower. A consolidation that corrects within a channel is most certainly a great set-up, I agree. By the way longer term I'm still bullish. Good trading to you.