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Topic: Trading Silver (Day Trading) (Read 428 times) previous topic - next topic

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Re: Trading Silver (Day Trading)
Reply #15
Sandy that's because you wern't looking for a drop.. Those triangles are worthless ..



I did not think of the two lines as a triangle, rather down trending resistance and up trending support and I think the escalating news coverage of the worsening Coronavirus is negatively affecting PM's, particularly silver due to its industrial component. I would suggest a meaningful correction at the time of the earlier post would be a test of the support line or 6% to 7%. Granted, I did not expect it to drop so fast, but I did not mean to imply there would not be some down movement on a journey up. We will see what happens over the course of the week and into next week. Wild cards are how investors react to the virus and mitigation measures, how the COT report comes out, and what the fed does. Those actions are not predictable by charts.

The chart is an update of the one posted last week and you are right, I am not looking for a meaningful drop in silver unless the up trending support line gets seriously violated, then I will still be long term bull as fundamentally, the fed and government leaders have managed this country into a fiscal mess that is going to be reflected in a dollar that loses value while PM's do not.



Re: Trading Silver (Day Trading)
Reply #16
Sandy those charts are not good for day trading.  Actually the virus is good for Silver and Gold as nobody will get paid any money if they die owing on bonds or will do any work if they are dead.

Here is my new method.


Re: Trading Silver (Day Trading)
Reply #17

Re: Trading Silver (Day Trading)
Reply #18
Sandy now I can make a decision based on my chart.

  • edthelorax
  • [*][*][*][*][*]
  • Administrator
Re: Trading Silver (Day Trading)
Reply #19
The price of silver is based on paper.  The big 8 have as much paper as they want. They know how to keep as many people drom making gains and buying physical as possible.
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