Best Thread Silver!

[YouAreNotFree]

Maybe some retrace is due to 29-3100 range. Don't know which but only point I'd make is I'd rather wait for a bounce and go short. Same as gold strategy really.

I'm not sure if I'm seeing a continuation pattern emerging but difficult to say now. Would like to see some consolidation again first.

I may put a limit order to sell if it reaches 3100s next time. Been interesting to watch.

Anything can happoen of course, but in broad sense you would expect some long punts mixed with covering at this level, moving us upwards to collect more shorts. Fuel for a further move down. (At least thats how I hope it turns out, I like being a Silver Bear.)

I'm looking for a rejected break of yesterdays balance day to the downside this afternoon. I'm wary of playing this thing to the short side right now, what with covering rallies and all.

This played out.



US session profile below shows us getting horribly too short intraday after the covering in G (My ref's are those from Thursdays session.) Shoddy volume and weak hands in control, I had no confidence mid session that we would hold the lows. The matching low in M confirmed what I already knew. Too short.

Late on was some more covering, the result being that virtually everyone who shorted that day and hadn't already covered was underwater. Oops.



I have a few different scenarios for Monday. Looking at the structure we have I don't see the recent low as anything other than relatively short term, even if we rally well from here.

 

[Pat494]

One of the key properties of a currency is that it is portable, dividable and transportable. There then is the proplem of storage, security and weight etc.

So unless there is a shortage of gold, adding another currency into the basket of pseudo money is likely to be more complexity for little gain.

If devaluation of money is the concern then I would look towards switching assets; equities, land, property, art and so forth...

I was thinking more along the lines of a worgl type of currency operation. Obviously not suitable for larger amounts but for a local town it can work very well for local transactions. As in Totnes, Devon.

 

[The Protected Trader]

Hi

Can you elaborate on the Get Paid to OWN it ? What is the strategy behind ?

Thanks

Hi

I am long Silver - Using Futures and ETF SLV.

I use Options to Hedge my Risk and generate an income while I wait for it to go up .

The Protected Trader

 

[YouAreNotFree]

Gap at 28.60 filled. Good chance of a rally from here.

Ben is talking though. Always interesting.

 

[YouAreNotFree]

Gap at 28.60 filled. Good chance of a rally from here.

Ben is talking though. Always interesting.

Nice move from there.

As for what started the rally? Probably covering (possibly quite a few of those trapped shorts I mentioned a few posts above,) and on concerns of what Bernanke may have said/ been about to say. Whatever it was, it was needed.

Nice tight structural stop available on this one after we closed the gap and moved back out of Fridays range. Support off that 28.60 ref too.

 

[Atilla]

Nice move from there.

As for what started the rally? Probably covering (possibly quite a few of those trapped shorts I mentioned a few posts above,) and on concerns of what Bernanke may have said/ been about to say. Whatever it was, it was needed.

Nice tight structural stop available on this one after we closed the gap and moved back out of Fridays range. Support off that 28.60 ref too.

View attachment 157140

I have 3060 as Fib 61% retrace and 3100 as resistance.

Be interesting to see how the bounce plays out.

Good call on the turn

 

[malaguti]

Gap at 28.60 filled. Good chance of a rally from here.

Ben is talking though. Always interesting.

bounce is about to happen right now off strong support from the bullish support line (blue) still some resistance to overcome.
If blue doesn't hold, targets are 24
from a P&F perspective anyway..

 

[Pat494]

bounce is about to happen right now off strong support from the bullish support line (blue) still some resistance to overcome.
If blue doesn't hold, targets are 24
from a P&F perspective anyway..

If the value falls that low then the antique dealers will be melting down the silver cantelabra !! Silver objects like spoons , bowls etc. will be an investment opportunity, but always buy the best quality one can afford !! The tat will be weeded out.

 

[YouAreNotFree]

I'm unsure as to where today will take us.

All I will say is that I think the market is still weak, but we haven't yet tested any resistance, the nearest of which I have at 29.57 (we got to 29.50 yesterday). Yesterday looked like a majority of covering to me, not new buying, so best to remain cautious on the bullish side imo.

Looks like we will open within yesterdays range, I woulkd want for us to hold above 29.02 and pref 29.17. If there are buyers here we may see more upside.

One scenario I'm looking at is to take yesterdays high, test 29.57-67 and fail, moving back well into Tuesdays range. More than anything it'll likely be one of those wait-and-see before doing anything sessions.

Oh, and take a look at the DX. Potential breakout in play. Depending if it goes or fails it will likely have an influence on the pm's.

 

[Predicabo]

Secular bear. Short term you could punt to the long side if it gets & holds above 31, but why fight the fundamentals? There are sig offers at 30.00 so it could get bid up to that level.

 

[YouAreNotFree]

I'm unsure as to where today will take us.

All I will say is that I think the market is still weak, but we haven't yet tested any resistance, the nearest of which I have at 29.57 (we got to 29.50 yesterday). Yesterday looked like a majority of covering to me, not new buying, so best to remain cautious on the bullish side imo.

Looks like we will open within yesterdays range, I woulkd want for us to hold above 29.02 and pref 29.17. If there are buyers here we may see more upside.

Best to be cautious indeed. No need to rush in and buy at the high of the day when you have knee-jerk responses as on Tuesday.

No buying stong enough at levels mentioned. The lower gave way to a break at the 2nd time of testing.

We're left with a balancing Wednesday session, which is so often the case after these large moves. Hopefully from a trading perspective tomorrow, we'll either gap up or down and have some decent opportunities offered. I generally like to trade in the direction of any gap which holds but watch for failed breakouts of these balance days too. GDP and claims news to watch.



http://www.silverdoctors.com/us-min...-for-february-nearly-11-million-sold-in-2013/

Is that Bullish or Bearish?

 

[YouAreNotFree]

oh, and take a look at the dx. Potential breakout in play. Depending if it goes or fails it will likely have an influence on the pm's.

 

[samadams]

Long Silver

This analysis Might still play out, and Im very surprised that my long is still on after the down move this week. Lets see some buying this next week.

 

[YouAreNotFree]

The pressure on Silver has been quite something. Sentiment has been all in one direction and I'm always wary of that. I'm growing more cautious about further downside moves this week. Imo the risk covering/ squeeze rallies has increased significantly.

First to note is that last week we balanced, the US session low couldn't be taken by a few ticks. If the trend still had plenty of strength it would have been taken with ease. Fridays session wasn't up to much ( highlighted profile) but we rallied a few times off the prev weekly low which leads me to believe we may be too short. Second, little trading has taken place below 28.50. Third, the ON session (prev profile to higlighted) looked like a rinse out.

I would never call a bottom, it dangerous to get in the way of the Silver Express, but I feel the risk of being short is high here. I'm still willing to sell, as I trade intraday for the most part, but with caution. I'm watching the Dx closely too.

 

[Atilla]

The pressure on Silver has been quite something. Sentiment has been all in one direction and I'm always wary of that. I'm growing more cautious about further downside moves this week. Imo the risk covering/ squeeze rallies has increased significantly.

First to note is that last week we balanced, the US session low couldn't be taken by a few ticks. If the trend still had plenty of strength it would have been taken with ease. Fridays session wasn't up to much ( highlighted profile) but we rallied a few times off the prev weekly low which leads me to believe we may be too short. Second, little trading has taken place below 28.50. Third, the ON session (prev profile to higlighted) looked like a rinse out.

I would never call a bottom, it dangerous to get in the way of the Silver Express, but I feel the risk of being short is high here. I'm still willing to sell, as I trade intraday for the most part, but with caution. I'm watching the Dx closely too.


View attachment 157640

View attachment 157642

It's 50/50 for me. On the 4 H & Daily candlestick charts looks bullish to me. But given Obama signing deal with Republicans on belt tightening is obviously bad for silver and gold. Not sure on direction. Still watching and learning...

 

[YouAreNotFree]

It's 50/50 for me. On the 4 H & Daily candlestick charts looks bullish to me. But given Obama signing deal with Republicans on belt tightening is obviously bad for silver and gold. Not sure on direction. Still watching and learning...

The pm's really can't get any love right now. It's actually pretty amusing to watch the intraday movements in the pms and stocks. One is sold on every uptick and the other bought on every downtick. It wasn't so long ago they moved together.

Today's US session had a scintillating 23 point range and finished unchanged. I'm not sure that I've seen lower volume. Effectively a 2 day balance now. Something is going to give soon one way or the other.

 

[Atilla]

The pm's really can't get any love right now. It's actually pretty amusing to watch the intraday movements in the pms and stocks. One is sold on every uptick and the other bought on every downtick. It wasn't so long ago they moved together.

Today's US session had a scintillating 23 point range and finished unchanged. I'm not sure that I've seen lower volume. Effectively a 2 day balance now. Something is going to give soon one way or the other.

Haha - signs. Everyone is looking out for them. Left or Right? Up or Down? Backwards or Forwards? Noodles or Rice? To be or Not to be? That is the question? Do or Die.

Like calm before the storm. If I was a gambling man - which I'm not, I'd have a wager the market going down further. But that really would be a gamble. :cheesy:

 

[YouAreNotFree]

We're going to have a decent gap up on the open, shortly.

If we manage to close it and find any acceptance with yesterdays range it could get messy. I'm not saying it's likely, but that would be the most interesting scenario.

 

[Predicabo]

There's a solid stack of offers at 30.00.

 

[Pat494]

They have done the dumping now let's see if the pumping works ?