This is my long term view of silver, I think now is a good time to buy, with a stop loss below the last low (around 18) aiming for 30. After that I think price will continue dropping to finish a deep correction!.
Thank you JR, coming from an experienced trader like yourself such a comment is highly motivating for me! cheers, Hamza
knock
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with smart money still high short position, i am not so confident as you are for short term, but next year should be bull's market. prior to that, i would rather see a drop to take out the stops from retail investors and then start a great decade of bull market.
NQunlocked
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Hi knock, I don't take smart money's perspective into consideration when I make my analysis, I would like to believe that back tested analytical techniques are still the best way for making money in the Markets. Did you know that between 70 and 80% of traders are right when it comes to predicting price action while 93% of those traders still lose money? That is mainly caused by lack of decipline and the absence of clear trading rules. Let us wait and see how this one goes, wishing you good luck!
knock
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you are very right on the predicting vs. discipline. Technically speaking, from my own analysis I am still expecting a wave down structure, but I am not sure about it, thus I won't have the confidence to share. The action I took is that I exited my long position recently (I am bullish on gold/silver from the big picture and bought gold last year when there was panic sell), and will buy once recent high is taken out. Still, I very much appreciate your analysis and your insight on discipline.
knock
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well, here the down move is. I will go back to gold when there is panic sell. it's a very interesting yet tricky setup that many technicians thought it's inverse head and shoulder. well, i wish it's that simple.
NQunlocked
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Contrarian setups yield usually the best results (SSI indicator of daily fx is there to show for it) but I agree with you, it is psychologically tough to go against the mainstream