After turning bearish for a few weeks I'm back to bullish.
We dipped below the 50 day MA on a small head & shoulders breakdown, but quickly recovered.
Some strong signals I'm seeing:
- 50/200 WEEKLY Golden Cross about to happen (both MA trending up as well).
- Break-out of pennant trend-line resistance.
- Inverted head & shoulders formed.
- Once again testing resistance at $18.50.
I'm layering back in to USLV. Seems a reversal here is unlikely but of course anything is possible. A small sell-off and test of $18.00 would not surprise me at all. Regardless, I'm feeling good about it.
Note: These are my personal thoughts and ideas and are not intended to be followed exactly. I'm a hobby trader and post these ideas because it has significantly helped me trade better. Also, I've learned so much from other traders I'm just looking to give something back. Remember, the market can be incredibly unpredictable, always do your due diligence and take responsibility for your trades.
We dipped below the 50 day MA on a small head & shoulders breakdown, but quickly recovered.
Some strong signals I'm seeing:
- 50/200 WEEKLY Golden Cross about to happen (both MA trending up as well).
- Break-out of pennant trend-line resistance.
- Inverted head & shoulders formed.
- Once again testing resistance at $18.50.
I'm layering back in to USLV. Seems a reversal here is unlikely but of course anything is possible. A small sell-off and test of $18.00 would not surprise me at all. Regardless, I'm feeling good about it.
Note: These are my personal thoughts and ideas and are not intended to be followed exactly. I'm a hobby trader and post these ideas because it has significantly helped me trade better. Also, I've learned so much from other traders I'm just looking to give something back. Remember, the market can be incredibly unpredictable, always do your due diligence and take responsibility for your trades.
Trade active:
If we break below $18 I will consider selling, pending market conditions, otherwise my first sell target is $24.50. Why? Because I thought $25.00 would be a great nice round number and would be a excellent profit taking area before too many sellers send it back down. Yeah, me and most other traders...... don't want to not fill and ride it back to support. Especially with USLV. I have physical for the long-haul, this is just some money for trading a leveraged ETF so that I can compound the price gains.
Trade active:
Wow, what a nasty day. Guess good old JPMorgan wanted to dump today. Silver looking more manipulated than Bitcoin LOL. Still long. According to the daily, weekly, and monthly RSI and MACD we have plenty of upside left. Thinking this is just a scare rally before good pump. DOW down ANOTHER 300 points today. I'm not getting shaken out by the market manipulators, let's see if we rebound good tomorrow. Otherwise we may see silver back to $16 real quick.
Order cancelled:
well, this back-fired. Incredible. I'm done with silver, too manipulated, think I'll stick to crypto LOL
Comment:
Note, still printing higher-lows, I'm still in my USLV position, but down 15%, nasty beating, I'm holding a bunch of physical silver for years and only have $2,000 on this USLV play, so I might as well let it ride too. Daily, weekly, and monthly RSI and MACD still look good enough to me. Golden cross on the 50/200 weekly still only days away. I'm still saying this is a shake-out before big rally. Gonna let this ride despite being wrecked already.
Comment:
All bets are off. They destroyed metals. Don't forget, with 130,000,000 oz of silver JP Morgan controls the market. Looking for a bounce to exit, down 30% on the week, silver heading back to $15 IMO.