Sunday, August 16, 2015

Silver Short

Clearly a big downtrend. Broke out of the triangle, which I missed, and has now retested that resistance level and Friday was an outside bar on the daily. Each previous swing high OB signal resulted in a solid move to the downside (as has the buy signal).

Trade, short Sept Silver 15.225, risk to 15.60 = -.375 or 75ticks. A 2:1 target comes in just off recent swing lows  14.475 (shown dashed line) and further downside could open up below swing low and 52 week lows. Risk $1875, Profit = $3750.

8/20 update: Goes +$5K next day after entry!!
Snaps back past b/e pretty quickly as stocks tumble and PM's catch a big bid!

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