krugman25
Long

Silver /SI SLV - Massive breakout potential and long term bottom

COMEX:SI1!   Silver Futures
Silver has formed a number of bullish reversal patterns over the past few weeks/months. The 3 primary patterns that I am tracking are an inverse head and shoulders , a double bottom , and a large inside-bar false-break pattern. These 3 patterns are all in confluence and all have the same confirmation breakout price level of around 14.95. While nothing is a guarantee, if price is able to break through this 14.95 barrier the movement could be significant and quickly carry price up into the 16.20 region where price will bump into its next major resistance area .
Comment: The right should has been violate which greatly increases the chances a next leg down. I closed my long position at 14.13 with more bearish expectations. I have been hedging my long position with covered calls and closed at 14.14. Even though I had gone long at around 14.30 I have taken almost no losses due to selling option premium over the past 6 weeks. Is there any argument that selling option premium is a superior way to trade? I think not.
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