If You Can Draw A Straight Line . . .

Bounced off the midpoint of it.

 

Silver has had a good run. Those who jumped in on the bandwagon are sitting on 17-18% profit. Of course this assumes using the straight SLV ETF. Those in futures and using leveraged instruments might be enjoying even more gains.

The point is that this isn't as exciting as intra-day trading but is doable from home or work without undue exertion of time. The objective is the grow the funds and there are many roads to the promised land. Some faster and some a bit slower but they all can lead to the final destination.

SLV has been showing more volatility as compared to GLD. It was faster on the way up and is also faster on the way down. Volatility is a double edged sword but can be a very beneficial instrument with some practice and proper thought.

SLV Daily:


Gringo

 

Thanks for your help DB, and Forty. I am posting a screenshot. I hope it prints as I am a new guy here. I put these lines and channels in place before the market opened. I did not draw another line after 9:17 est. and left them untouched.
Ps. Did not buy any book. Lots of screen time and research. (although the research is easy since Forty keeps supplying handy links

 

The channel is another way of looking at it. Thank you.

 

took two losses today trying to call the top and anticipate the break of the demand line. I even initially had a long target of 98-00 area which I ignored and started looking for the reversal. Was too afraid to jump in long since I missed the big run up from the open.

not happy with myself today... Hope you guys are doing better! Looks like were breaking through that 3100 area.

 

And so we reach 3100.

Too bad this is all nonsense. I guess we have to give the money back.

 

Key words here being "trying to call the top". I said yesterday that one must understand supply and demand, support and resistance, and trend. Once you have that, you'll never be tempted to "call" tops or bottoms. The market will tell you what to do.

 

Demand line broken, lower high, last swing low breached, 3102 would make a nice exit for 29pts.

Although if your chauffeur is off and you have to go pick up your Lamborghini, this is one of those occasions where a stop would be appropriate.

 

Sure rub it in. I thought I did good with 11pts. Now I've been shamed. lol

 

You did very good [sic]. Think of all those who shorted all the way up.