Monday, August 20, 2012

Silver - Trade Management

Brief important update:  Silver had a nice breakout from the pattern that was identified and laid out in this weekend's update and the details of that post (which don't include any "Fluff" or "Voo-Doo") should be reviewed on the link provided below. 

The break would be more bullish if it was on above average volume, but these last two weeks of August are typically slow.  There was an increase in volume from the prior trading day.

Drawings for the "Trade Management" have been updated on the 3 month daily chart left hand side below.  Barring a catastrophic gap down, the risk is now quite small compared to the upside potential.

(Click on chart to expand)


I do my best to tweet out my posts promptly on twitter/ScottPluschau
Consulting? ScottPluschau@gmail.com
Members to the blog are appreciated
Comments are welcome

Posted by at

7 comments:

  1. Hi Scott, thanks for the update on Silver.

    Two questions on the chart you have provided...

    1) On the chart you have drawn three stop locations. I can see that the first stop (the one on the left) was placed when the breakout of the first triangle happened. Then the pattern entered a ascending triange, which when broke out you placed your right hand stop. At what point in the price action did you place the middle stop?

    2)Is the price target of the first Symmetrical Triangle around $30.50?

    Thanks

    Tryst

    ReplyDelete
    Replies

    1. Tryst,

      You are as sharp as a tack. There was never a middle stop placement. I should have made this clear, it was a matter of not being able to bend my trendline around the corner. Thank you for pointing that out.

      Measured rule target on the first triangle is just above $30.00 so in this case with round number resistance I can see taking the profit a little bit early at $29.85 as being wise as $29.90 I expect to be resistance as well.

      Measured rule on the second triangle is just about reached for those who added to the position on the second breakout, or want to book some profits as well.

      Scott

      Delete

  2. Thanks for the reply Scott. I have noticed a new silver posts based on the reached target so will read that now :)

    ReplyDelete
    Replies

    1. Your Welcome.

      I owe you many thanks as well. You are one of the best contributors to the blog and I greatly appreciate it.

      Scott

      Delete

  3. I believe most people would love your opinion like the point you wrote in this article and I reall appreciate that you can write more.

    ReplyDelete

  4. Very real and reasonable report. Yes, silver has given a bullish breakout as you expected and is in bullish trend now. Many experts expects silver above $44 in coming months. I am expecting more useful report from you. Thanks a lot.

    ReplyDelete

  5. I owe you many thanks as well. You are one of the best contributors to the blog and I greatly appreciate it.

    ReplyDelete

Subscribe to: Post Comments (Atom)