$SILVER bottoming

Daily is showing Positive Divergence (+D) on both oscillators daily



and then clearly +D on the weekly RSI.



Looks good here.

 

Agree

 

Although Silver has formed a H&S bottom, have hedged my short position and waiting for deep pullback to sell more and lifting my hedges on shorts.

 

Bullish? Spot Gold has 6 monthly red candles in a row and Spot Silver 4 out of the last 6!! Though looks like $18 is long term support. IMO more likely it is rangebound for awhile till economy gets back on track after FED stops QT. A year, two or three.

 

Both Gold and Silver Stonks getting back above their 20 day sma.
Few of them even went further, above their 50 day sma.

After Coal Stonks mostly above their 200 day sma,
Gold and Silver are the only industries displaying some strength.

Everything else is worth ZERO.
But seriously ... GLD and SLV don't look bullish.

Looks more like a short term bounce,
Into a broader downtrend.

 

Long term on silver looks pretty good.
Big rising triangle.

 

Two month check up.
The swing trade is working great.
PSLV is a silver bullion ETF, guy's name is Eric Sprott.
Supposed to be one of the safest Silver ETFs.
Supposedly they have a lot of physical metal, not just junkie "paper silver"

For non-TA folks, this is called "Andrew's Pitchfork".
TA naming conventions are somewhat bizarre.
TA people get loads of casual criticism.
"None of this TA nonsense CAN possibly have any predictive value"
but at least critics will have to admit that TA has some interesting naming conventions.

 

But that's not how an AP is drawn or even looks once it is drawn properly.

 

So the TA criticisms already here.
I don't care.
I'm up 26% on this trade, 2 months and a few days.
Do the charts any way you want.
The challenge is between me and my CPA accountant.
And not between you and me.

 

Of course stick with doing it the wrong way if you are profitable. Though ignorant and profitable don't usually last long in trading.