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Topic: Silver flags (Read 3922 times) previous topic - next topic
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Silver flags

When silver goes into bull mode, it will make flag after flag. this one is a pennant.
A break of 17.60 could lead to 19 quickly.

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Re: Silver flags

Reply #1
When silver goes into bull mode, it will make flag after flag. this one is a pennant.
A break of 17.60 could lead to 19 quickly.

Looking at front month futures, silver is having a little very short term trouble getting through $18, about $17.60 on your spot silver chart. I could not agree more that silver is going to be the go to metal in short order and we are probably going to see prices in the twenties sooner than many predict. The flags (volatility) may be troublesome for some to hold through, but being patient, holding strong and not trying to game the pull backs forming the flags should be very profitable. I like the last chart.

Re: Silver flags

Reply #2

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Reply #3
It is starting to look like this attempt for silver to break out is going to fail as bullish MACD curve spreads are contracting, STO curves are in overbought territory and beginning to head down, and for PM's, June through August tend to be slow to down trending over the past 20 plus years on average.


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Reply #4
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Reply #5
The last flag worked out close but not quite to the TP
This one looks like it BO and retested. A perfect way to start the week.

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Reply #6
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Reply #7
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Reply #8
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Reply #10
Another flag
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Reply #11
Looks like a good retest of the breakout.
This makes for a good trade set up. A break below $27.13 would negate the BO. So a stop loss at 27.12 would be $0.70 risk from current price of $27.82. Targets could be staged at several higher prices or even just $28.87 which would be $1.05 profit giving a low 1:1.5 RR. If silver continues higher, I think taking profit too early will be a common mistake traders will make.
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Re: Silver flags

Reply #12
Short term there is a pennant that should resolve one way or the other, probably next week, suggesting one would not need to wait very long for the trade to mature Ed. It is hard to look at the price chart and not believe it will resole up and RSI is still trending up especially if negating the March take down. MACD is still lofty. Somewhere I posted a test of $24.50 was probable, but now I am thinking more like possible, mostly on MACD criteria.






Re: Silver flags

Reply #13
If silver can make it back above 27, that would imply the last few days were a false break lower with much higher prices expected.
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Reply #14
Powell said they are going to have to try to get an average of 2% inflation implying that since they can't make it annually, they will try to overshoot now so the average gets to 2%. 
In other words Brrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr$$$$.
I think silver broke higher and retested. I think the purple is the important line, not the red.
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