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I've gone long in Silver for the first time in over 8 months. Nice breakout today above the downtrend line and the horizontal resistance around the $35 level. Entry price inc spread at $35.22 and I've put my stop at $31.40. So am looking for a target move to $40 or above.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
After getting out of my silver long position last week for a loss following the false breakout. I've now reversed and am shorting Gold and Silver today, as Golds break below the 200 day moving average again, which suggests to me a potential Stage 3B breakdown which will take silver with it imo.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
Here's the latest Gold, Silver & Palladium charts. I'm still short Gold and Silver personally and it is a critical week for Gold as it's testing the 3 and half year trend line and currently below it's 200 day MA.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
when I share these charts in a post, I actually look at them very carefully for my own interests. GLD is still in a downtrend, drifting up with low volume. The weekly stochastics and 25 SMA need to change for a CHANGE.
Hello, I’m quite new with ETF’s and testing a strategy on some ETF’s (SPY, TLT, USO, GLD…) using Bill Williams indicators.
My idea is to analyses charts when market is closed and also put the orders (only stop order type, never a market order) to enter and exit the market at predefine prices. I use daily charts and sometimes look at the weekly chart for a big picture.
Here a weekly chart of GLD, at this moment, for me it could be good to be short as a counter trend trade because the regression channel (120 periods,4 sd) gives me the tendency and it looks like we are at the bottom of the channel so my preference is still the long side. That is to say I enter short with half of normal position.
As said, I’m just beginning and have not sufficient backtesting to confirm if the strategy is good. I just wanted to share a chart and may be another point of view.
Thank you @Tiberius and @isatrader for this very interesting thread.
