We've been thinking for a long time about how to get a good short entry on silver.
Sure, after Friday's rally, the market is extremely overbought, but that doesn't mean the price will fall soon.
One could get in on the short side right now and target the $21.57 area, but the RRR would be unsatisfying.
Therefore, we place a sell limit order near an open buyside liquditiy.
The following trade would have a very attractive RRR of 3.15:1.
If the silver price reaches the target range before the trade becomes active, we cancel the sell limit order.
Sure, after Friday's rally, the market is extremely overbought, but that doesn't mean the price will fall soon.
One could get in on the short side right now and target the $21.57 area, but the RRR would be unsatisfying.
Therefore, we place a sell limit order near an open buyside liquditiy.
The following trade would have a very attractive RRR of 3.15:1.
If the silver price reaches the target range before the trade becomes active, we cancel the sell limit order.