In lieu of silver bullet, I settled for SLV and GLD. I’m building a small position with a tight stop. If these metals find bottom, I’ll continue to add if price action support the uptrend momentum. In other words, I’m pulling my “catch the falling knife” tactic with close stop from my playbook for a spin.
Below is the weekly chart- notice the support from way back in late Dec.
Below is the daily chart- notice the stochastic is now turning up from the bottom.
Good Hunting!
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not a bad idea here, thinking the same, also both were top hybrid moving industries, 1st sign of some money coming in?
If there is ever a QE3 coming, flight to SLV and GLD will happen. There is really no other way to hold onto value against a super-inflationary paper-money…
The fact that precious metals are being down so much is a gift in disguise.
Thanks for the comment.
Good Hunting!
Moved stop to breakeven on both SLV and GLD. Will add only when chart pattern shows a zig-zag upward movement. In other words, I like to add more share at the zig before it zag. Zig being retracement to intra-day support and zag being the continuing upward thrust.
Good Hunting!
Add a bit more on SLV and GLD but with tight stop on the new add. In other words, if the momentum do not continue, I’ll dump the new add and ride the yesterday position only.
Added more SLV. Basically, I doubled my position size plus some from yesterday.
I believe SLV is looking like a cocaine-fueled runner.
Stopped out of my entire SLV position due to tight trade management to lock in profit and avoid turning gain into loss.
The trade-off of averaging up (building size) is that it also squeezes my tolerance level.
Moving on.
Stopped out of my entire GLD position as well to lock in profit.
No regret on getting out on both SLV and GLD.
Moving on.
Remember, trend, when it appears, is only an opportunity to take profit if you happened to be in the trade early.
Trend may be your friend, but it is not your true-friend. Thus, I’ve no qualm taking profit when price action looked weary.
Bought back yesterday position size on SLV due to short-term intra-day support. Price paid was closed to my prior stopped out price.
Stop is placed as intra-day low.
Stopped out, again!, on SLV. I’m done with precious metal today. Flat on both GLD and SLV. No complain since I banked some coins on both.
Moving on (for real this time).