arton- Silver metal or SlV? they trade at slightly
different prices but of course follow one another.
As always it's sort of a personal choice depending on your
personal risk tolerances and are you a gold bug buying it for
the long term (which means you could use a wider stop) or are you
buying it for a swing trade or for a short term bounce soon?
All this matters and changes the answer.
I discussed this on the weekend commodity newsletter and I have
in the past. For gold and Silver, it was a great time to buy
long term positions in them in the July/Aug time frame when they
were in their bottoming patterns and seasonality also kicks in
during those months. Recently I've stated that this pullback
as long as it forms a lower high and doesn't pullback too much
might offer a second buying opportunity. Over the weekend I
discussed support areas as the 38% and 50% Fib and 200 day MA.
One could consider scaling in perhaps vs buying a whole
position at once with a stop in of course. Or one might want
to wait for some kind of reversal on the 60 min chart such as
breaking a downtrend line etc.
As far as this pullback, it depends what kind of pullback it is,
I guess we'll find out over time. If the move off the Aug
lows was a wave 1, then this pullback would be a wave 2 and form a
lower time, however be warned, wave 2's can be quite deep,
retracting 62% at times and 50%. There are other alternatives
of course.
I've attached a daily and 60 min chart, on the 60 min chart I
would like to see it break out of the channel or at least see it
start moving up on some volume with better divergence
Thank you matt. I buy CFDs on the spot metal. The leverage
position doesnt allow me to take wider stop/loss. I am kind of a
gold buck and want to buy it for a swing trade, although short
terms gains are welcomed :)
Silver stocks ready to explode!
Posted by goldnice on 22nd of Oct 2012 at 09:40 pm
Is it me or does anyone else smell $$$$$$$$
SLW was up 3 %
Posted by randy on 23rd of Oct 2012 at 08:47 am
SLW was up 3 % yesterday while SLV was up 1 %, SLW near their high
yep and SLW is down
Posted by matt on 23rd of Oct 2012 at 09:19 am
yep and SLW is down about a buck pre market, looking at a nasty open with the pms too.
Matt what will be a good stop loss if we buy Silver Metal today?
Posted by arton on 23rd of Oct 2012 at 09:52 am
arton- Silver metal or SlV?
Posted by matt on 23rd of Oct 2012 at 10:03 am
arton- Silver metal or SlV? they trade at slightly different prices but of course follow one another.
As always it's sort of a personal choice depending on your personal risk tolerances and are you a gold bug buying it for the long term (which means you could use a wider stop) or are you buying it for a swing trade or for a short term bounce soon? All this matters and changes the answer.
I discussed this on the weekend commodity newsletter and I have in the past. For gold and Silver, it was a great time to buy long term positions in them in the July/Aug time frame when they were in their bottoming patterns and seasonality also kicks in during those months. Recently I've stated that this pullback as long as it forms a lower high and doesn't pullback too much might offer a second buying opportunity. Over the weekend I discussed support areas as the 38% and 50% Fib and 200 day MA. One could consider scaling in perhaps vs buying a whole position at once with a stop in of course. Or one might want to wait for some kind of reversal on the 60 min chart such as breaking a downtrend line etc.
As far as this pullback, it depends what kind of pullback it is, I guess we'll find out over time. If the move off the Aug lows was a wave 1, then this pullback would be a wave 2 and form a lower time, however be warned, wave 2's can be quite deep, retracting 62% at times and 50%. There are other alternatives of course.
I've attached a daily and 60 min chart, on the 60 min chart I would like to see it break out of the channel or at least see it start moving up on some volume with better divergence
Thank you matt. I buy
Posted by arton on 23rd of Oct 2012 at 10:19 am
Thank you matt. I buy CFDs on the spot metal. The leverage position doesnt allow me to take wider stop/loss. I am kind of a gold buck and want to buy it for a swing trade, although short terms gains are welcomed :)
i think you are correct.
Posted by freddy123321 on 23rd of Oct 2012 at 03:21 am
i think you are correct. bought back last friday.
might still fail but looking for a pop first then we see from there. one step at a time
many looking for a more meaningfull pullback. my guess is we ddo not get it, and buying time was friday or today.
Well.....lets see what happens today!
Posted by john9o9 on 23rd of Oct 2012 at 06:39 am
Well.....lets see what happens today! Blood bath coming?
black tuesday? lol
Posted by freddy123321 on 23rd of Oct 2012 at 07:17 am
black tuesday? lol