I will need to double-check RSI before entering...and also make sure there are no strong bearish candles prior to the completion point. Even better, I may wait for price to show it respects the the zone and re-test.
In my mind small patterns are less reliable but this seems like an great opportunity to try and long silver with only a few pips risk and possibly catch a ride on a longer term movement which a lot of people, including myself, seem to be expecting.
What do you think? Any comments/feedback on this idea or your own views on Silver are welcome and appreciated!
Trade active
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I don't know if you'll believe me, but I placed an order before bed to enter at 16.155 with 3 cents risk. It was picked up, and not stopped out...got lucky again. Based on what I have learned I know I really shouldn't use limit orders for the butterfly , but I guess with 3 pip risk I thought the risk was worth the reward.
Stops are now moved to my entry price, 16.155. If I get stopped out but price stays above 16.13 I will look to re-enter again with my stops 16.125
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Trade closed: stop reached
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Stop reached on my second attempt and has invalidated this pattern. Now on the sidelines in silver, perhaps looking to the completion of the large bat pattern on the daily
@Gbprider, I was actually stopped out at 16.16 to cover my costs...ended up re-entering same price when I saw the stop loss held (so fa, anyway). Good luck to us
Gbprider
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@SharkbaitAl, yes .... :)let see what market give us
btM_Afta
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time to jump ?
SharkbaitAl
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@Dguaman, I am out...the price went past the 1.414 extension of the XA leg which is my rule for invalidating the pattern (learned on Scott Carney's website harmonictrader.com/blog/2013/08/03/butterfly/) . Of course it may go ahead and start a crazy bullish run lol, but I am waiting for my next set-up
What are you thinking?
btM_Afta
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@SharkbaitAl, thanks sir .. im aiming for 17.50 .. i hope that comes
SharkbaitAl
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@Dguaman, Rooting for you!
Gbprider
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lucky you & good to place the stop the entry point , i dont see any bullish sign for silver
SharkbaitAl
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@Gbprider, Thanks! yea I tend to agree -- after the initial bounce this is not looking super bullish and same on the longer time frame. I will stay in the trade for now and see what happens, if I get stopped out I am looking lower for a big bat pattern:
btM_Afta
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I think it will not break 16.150 .. but good luck sir !