Last night, there was a sudden drop of silver price from 1000 to 1400 hours (SG time) , resulting in a 7 over % drop. I saw the price hovers at 23 and that is the level of resistance it broke up and now acting as support. So, I took a long shot and God bless, am now in the money.
I am still bullish on Gold and Silver and will accumulate when there is a correction like yesterday.
If you study the chart closely, you would see there is an ascending wedge pattern forming , resulting in the temporary fall. That could be a short term selling opportunity for some traders as well.
I do not advocate using both long and short positions on the same instrument unless you have a clear strategy as when market moves , it can be fast and furious and caused confusion and unnecessary panic to traders to react. That would be taking on unnecessary risks and thus losses.
To want to participate in every pattern, every media mentioned stock ,etc is a form of greed and fear combined. Like I said before, the objective of trading and investment is to create and accumulate wealth. So whether you buy a popular brand like FB or Baozun , profits are profits and there is no two way about it.
Buying popular stocks is vanity and there is no extra rewards for that other than earning you some bragging rights that you have such ABC stocks , that is all. So, grow up and manage your portfolio properly.
I am still bullish on Gold and Silver and will accumulate when there is a correction like yesterday.
If you study the chart closely, you would see there is an ascending wedge pattern forming , resulting in the temporary fall. That could be a short term selling opportunity for some traders as well.
I do not advocate using both long and short positions on the same instrument unless you have a clear strategy as when market moves , it can be fast and furious and caused confusion and unnecessary panic to traders to react. That would be taking on unnecessary risks and thus losses.
To want to participate in every pattern, every media mentioned stock ,etc is a form of greed and fear combined. Like I said before, the objective of trading and investment is to create and accumulate wealth. So whether you buy a popular brand like FB or Baozun , profits are profits and there is no two way about it.
Buying popular stocks is vanity and there is no extra rewards for that other than earning you some bragging rights that you have such ABC stocks , that is all. So, grow up and manage your portfolio properly.
Comment:
24.512 seems to be the resistance level that it needs to clear now before it can goes higher. Those who did not buy at 23 can wait for this breakout to happen first before initiating your long.
