Posted by CopperMtn on 22nd of Jul 2020 at 04:10 pm
SLV has been on a tear the past week and I want to protect
profits in case there is a reversion to mean drop in price. Look at
my
Daily SLV
Chart- I'm thinking of either 50% of today's candle or the gap
just below, or using Fib retracements. 50% of today's candle is
about $20.98. But this is a pretty tight stop given how much SLV
has moved over the past few days. I am also considering yesterday's
close ($19.67). The thinking is that I won't be stopped out
if it doesn't fill that gap, but if it fills that gap, it may be
headed lower. The 38.2 fib from today's $21.45 high to the $17.69
breakout is about $20.01.; the 50% retracement is $19.57 which is
close to yesterday's close and the bottom of the closest
gap.
Posted by timebandit on 22nd of Jul 2020 at 04:50 pm
I sold half today at $21.37 and moved my stop on the other half
up to $21.00. Three straight gaps up is a beautiful thing, but I am
not going to push my luck. I locked in some profit and will still
benefit if the ascent continues. I will not be at all disappointed
if stopped out at $21.
By the way, I would like to thank those of you on this board who
post regularly about silver and gold. I felt we were on the verge
of a bull market in the precious metals when I joined Breakpoint
Trades a little while ago. But there are some real experts here who
have provided a good education that supplements what Matt and Steve
already provide in this area.
SLV has been on a
Posted by CopperMtn on 22nd of Jul 2020 at 04:10 pm
SLV has been on a tear the past week and I want to protect profits in case there is a reversion to mean drop in price. Look at my Daily SLV Chart- I'm thinking of either 50% of today's candle or the gap just below, or using Fib retracements. 50% of today's candle is about $20.98. But this is a pretty tight stop given how much SLV has moved over the past few days. I am also considering yesterday's close ($19.67). The thinking is that I won't be stopped out if it doesn't fill that gap, but if it fills that gap, it may be headed lower. The 38.2 fib from today's $21.45 high to the $17.69 breakout is about $20.01.; the 50% retracement is $19.57 which is close to yesterday's close and the bottom of the closest gap.
Any thoughts?
I sold half today at
Posted by timebandit on 22nd of Jul 2020 at 04:50 pm
I sold half today at $21.37 and moved my stop on the other half up to $21.00. Three straight gaps up is a beautiful thing, but I am not going to push my luck. I locked in some profit and will still benefit if the ascent continues. I will not be at all disappointed if stopped out at $21.
By the way, I would like to thank those of you on this board who post regularly about silver and gold. I felt we were on the verge of a bull market in the precious metals when I joined Breakpoint Trades a little while ago. But there are some real experts here who have provided a good education that supplements what Matt and Steve already provide in this area.
I'm now using the 9EMA
Posted by z0ned on 22nd of Jul 2020 at 04:38 pm
I'm now using the 9EMA on the daily for my stops. I only have 2 runners left (Jan 22 Calls).