Not a gap, just a spike. My published says down. I'm not playing it anyway. Spikes up are often the last move before a smash down. USDTRY just did it. Major dump of shares at the top of the spike to the unwary then a hard smash down. This technique is used by specialists to dump stock at the top and to create selloffs on hard spikes down. Gaps up or down are more reliable than spikes.
From what I have noticed, silver can travel the distance of its consolidation period. When trending up or down, silver is on steroids, it could go even further. But will enter on witnessed support bring my stop to be asap, just in case I am wrong.
Just one more note, in 2012 up near the 1800 level I was selling silver, I took some heat for it too and the sentiment amoungst retail traders was bullish. Currently retail is getting net short from this sentiment indicator, plus commercial cot is at levels that do indicate a major top. TY for the comment, I always like to discuss trading and welcome any thoughts and comment you may have. http://www.dailyfx.com/technical_analysis/sentiment?technicalSentiment=GOLD
I am a trader not a player, who uses good mm. This is not about who s right or wrong, this is a forum to discuss/share trading ideas. I am not into who s the best, just trading , look for trade set ups with a good RR and a stop in case I am wrong. When I am right my winners out weigh my losers. Have a great weekend!
Your the one putting the money down. I just analyze different charts for experimentation and tally the relations for future correlation. I posted a new chart with an updated channel angle set. It matches the internal guide angles better. I think my top is right, but I would get out of the short immediately if it broke the channel angle even minimally. It's a built in "get out signal" for me. It means a new channel angle is forming... and I don't trust the channel angle UNTIL I see a definite set point to use. The best money formations for channels are TTB and BBT. Start, Lead, and off to the other side of the channel. I use 3 basic methods. Channels, angles and their intersections and arc distances on a properly scaled chart. The 3 give better accuracy. Other than that I use no fundamentals. I don't trust the news either. It's always late if it is right. Everything is right on the chart in my opinion.
COT is not news, it comes out every Friday, and the Retail sentiment report I get daily from my broker. As for my silver trade an going to enter just because I think it could work. Will wait and witness a bounce off of possible support and then buy. If price barrels right thru it, there is no way I am going to catch a falling knife. Guess it all depends how one manages a possible trade.I am going to check your chart out sounds interesting! Have a good weekend and trade safe!