I agree, I think it will top at about 19. Getting through that it will maybe go to 31, but it will suprise me.
I'm out at 12.48 today and will look to jump back in if gap fills as stated previously at around 11.30
I have a large ZSL position and have been trading and and out of one third of it although I am diversifying into BGZ at the moment. My question is why people are concerned about an overnight gap in ZSL when it only trades in the US market and Silver doesnt have the gap since it traded throughout that night?
Looking at the charts today I saw that GLD is beneath Oktober support, and might confirm today, while SLV is no where near it. I`m going all inn on ZSL (down 3% at the moment) betting it will be drawn towards Oktober level without a significant bounce. I stray from my method, but well well...
I was all in full margin in ZSL and I have been scaling in since early december. I nearly buckled in the last week of DEC. Take a hint from me only look at the price of gold for guidance since silver is way more whippy and it kept making new highs even as GLD made a triple top. And yes I know I was overleveraged and underestimating market volatility but the diverance on RSI was what gave away imminent trend change on weekly bars. Lesson learned.
I agree, a gap on a geared ETF doesn`t mean much. The underlying ETF`s (or commodity`s) chart should be studied instead.
I been watching and waiting, got long april 30 calls on SLV yesterday with a exit of mid to late february