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Now that's what I call a head and shoulders...

 

That's it below now (currently 16.55)...if it closes under there today it could be a long way down

 

monthly support (close of price Friday) is also about $16.70, so we could see daily support broken but returning to the monthly trendline at the end of this week.

 

but wrt sentiment, a close below daily support today would be negative of course

 

agmonthlytrend1.gif

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I'm no chartist, but my primitive understanding tells me that, with all those supports converging, we'll either (i) bounce belligerently or (ii) plummet precipitously. Has anyone had experience of using a combination of a short (with a stop loss) and a long (with a stop loss) to play this situation so that you win either way once a trend becomes clear?

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i'm seeking the elusive double bottom

So that projects to 15.80ish right? I'll continue to wait until the channel is broken to the upside. It's kind of arbitrary, but provides some constraint to buying too soon.

 

Edit: Before you mention it, yes, I did just buy some silver... just a nibble... I'm looking to "average in" on this downleg. This is less than ideal for me as was looking to keep a dollar reserve for the "big one" [rule/ regulation change at GM]. Will be raising dollar reserves at BV where there is no "must buy soon" policy.

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So that projects to 15.80ish right? I'll continue to wait until the channel is broken to the upside. It's kind of arbitrary, but provides some constraint to buying too soon.

 

personally speaking, i think anything at/above $16.73 ish keeps the daily support trend alive, this is also the same figure for the monthly support (ish) for the price close of play on Friday.

 

closing below the daily support would dwindle my optimism somewhat

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...../....

Edit: Before you mention it, yes, I did just buy some silver... just a nibble... I'm looking to "average in" on this downleg. This is less than ideal for me as was looking to keep a dollar reserve for the "big one" [rule/ regulation change at GM]. Will be raising dollar reserves at BV where there is no "must buy soon" policy.

 

 

:P

 

good for you - i'm looking for this baby to turn; i had a wee nibble yesterday, but i was buying paper x2 (the plan is to buy the real stuff if i make paper profit - that's the plan <_< )

 

disclaimer - my real stuff is staying put for now no matter what the comex price says!

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I'm no chartist, but my primitive understanding tells me that, with all those supports converging, we'll either (i) bounce belligerently or (ii) plummet precipitously. Has anyone had experience of using a combination of a short (with a stop loss) and a long (with a stop loss) to play this situation so that you win either way once a trend becomes clear?

The US banned performing this on the same FX account in the US. I have never been able to successfully get a strategy using this method working for many different reasons but many claim that they have. I prefer to use an order to buy or sell when the price hits a certain point. Like all trading trying to perfect a new strategy can be difficult.

 

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I'm no chartist, but my primitive understanding tells me that, with all those supports converging, we'll either (i) bounce belligerently or (ii) plummet precipitously. Has anyone had experience of using a combination of a short (with a stop loss) and a long (with a stop loss) to play this situation so that you win either way once a trend becomes clear?

 

Hmmm, interesting thought wanderer. My broker allows hedging with the above technique, but Id5 is right, the strategy is fraught with danger.

 

Your strategy is normally utilised just prior to a news release in order to catch the action and quickly close out the losing trade or at the end of a wedge formation perhaps. I'm not convinced that any move by silver will be so dramatic that you couldn't exit the losing trade manually. Using buy/sell limits is safer, as Id5 suggests.

 

Nonetheless, I am sufficiently intriqued. I believe the technique warrants closer inspection and I have time on my hands. Perhaps, with the combined FX knowledge of GEI posters, a reworked strategy could be developed.

 

Incidently, could anyone tell me if it's generally true that gold leads silver in an uptrend and silver leads gold in a downtrend or is it all about fundamentals?

 

JL

 

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At least they force you to do the right thing. ;) It's almost like Swampy's ghost coming back biting your behind. :lol:

 

OK, just spouting nonsense here. :lol:

Yeah, I'm not too concerned about it. But I won't be sending any more funds to GM.... will be sending future funds to BV and buy at my own dollar-holding leisure. :)

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