Silver 1hr Update

FX:XAGUSD   Silver / U.S. Dollar
Trade theory here is simple. On the much larger time frame the price halted exactly at the low of the pre-break out leg. My stop is extremely tight so I could take a large position. These trades RARELY work, but when they do.... they work in a huge way. Either your entry is off or stop is too tight. They could be very frustrating but extremely rewarding.

Last year I bought the bottom of the S&P500             at 1832 on August 24th 2015 with a tremendous amount of leverage in relation to my typical trades. The bottom for the day was 1832. That was a successful one.
A failed bottom fishing attempt was when I bought US oil             at $28 per barrel in February with heavy leverage. The bottom was 26.02 - but got stopped out at 27.

The alternative is to simply bet less and keep stops wider

Trade active: Entry hit today. Reducing my risk substantially. I'm bearish, though I will not cancel the trade.
Comment: Target at 18.50. I will short there at the closing of my long position.
Comment: I like what I see here. I am adding in box

Remember that oil bottom trade all too well as I'm sure many do with it up at $50 now
+1 Reply
Lanmar Genghis
Yep, not fun.
Excellent approach. Thank you for setup and for your comments.
+1 Reply
Lanmar FreshOilTrader
Thanks buddy.
+1 Reply
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