Silver Futures

[MC]

Mid 14's already...keep it up baby. WOOOOOOOOOOO

[MC]

Toot Toot!
I had to toot my own horn on my 2 silver shorts called here on TB. Targets worked out very well also.

The 200ma/structure support would have provided a safe shot at a long with a tight stop this last go round. BUT my bias was short based on how many times it had tested the $16.50 level and the USD move.

[MC]

Silver hit $12.30 early today...that was big for my $14 target to snap...that was major support.

Look for $10-11 as a possibility on an extended target depending what the USD does here though it should cap or at least bounce around $12 (weekly 200ma).

[MC]

I'm watching for a test of the resistance shown. Note no divergence so a pop then break or at least test of the lows is highly probable. Also the upper resistance is now a MAJOR supply zone and unless they gap it or run it fast as they did down it will be very tough to break that pocket.

[MC]

While the paper markets are in breakdown mode...commod's should bounce.
Silver looks prime for a bounce IMO. Tight stop and quite a bit of potential upside off this divergent test of the last lows, this is an excellent trade opportunity as I see it.

Remember you're counter trend if you're long, the 50ma has crossed below the 200ma already. Pay extra attention to the red dots as they are double backed resistance (by ma and structure). The best trades (with the trend) would be to look for rejection at those levels and get short. Those could also be used for long targets which is classic textbook support and resistance.

I LOVE this chart example for TA...it just is clean and clear. I see too many people out there trying so hard to make sense of a shitty chart when there are TONS of other plays. If the chart doesn't hit you quickly don't bother trying TA. If you cant see a clear line in the sand where bulls and bears will interact don't play it cause it will be hard to gauge risk/reward ratios. Trending plays are MUCH easier to work TA with as the side winning is already evident and of high probability to continue. Choppy sideways action is often like betting on red at the roulette table IMO...unless you wait for the breakout that is. The consolidation plays do tend to be more violent and can provide quicker profit if you are patient and quick enough to enter on the break.

Good luck.

[MC]

Originally Posted by MC

Silver hit $12.30 early today...that was big for my $14 target to snap...that was major support.

Look for $10-11 as a possibility on an extended target depending what the USD does here though it should cap or at least bounce around $12 (weekly 200ma).

WOW...no bounce like I thought we may get thanks to oil falling and the indices popping. Already at mid 11's, watch the 2 support levels in the chart for possible bounce points. Could be good scalp levels.

[MC]

Silver coming into daily resistance. This has been trending so clean I'd be shocked if this zone I drew out didn't hold. Plus the MASSIVE volume on the paper markets seems to tell me there's a good chance of a temporary bottom there. Clean resistance, with the trend....good place to try getting short. My strategy would be to enter half at the low resistance and then scale in the other bit if it penetrates into that resistance zone. From there you have a clear stop and a good cost basis.

Good luck

[MC]

Originally Posted by MC

Silver coming into daily resistance. This has been trending so clean I'd be shocked if this zone I drew out didn't hold. Plus the MASSIVE volume on the paper markets seems to tell me there's a good chance of a temporary bottom there. Clean resistance, with the trend....good place to try getting short. My strategy would be to enter half at the low resistance and then scale in the other bit if it penetrates into that resistance zone. From there you have a clear stop and a good cost basis.

Good luck

Here's the chart after close. Today looks anything but bullish IMO. Anybody short on the chart I supplied?

[MC]

Originally Posted by MC

Here's the chart after close. Today looks anything but bullish IMO. Anybody short on the chart I supplied?

Silver is near that 50ma and the top of structure resistance as shown on my chart prior. Silver has shown selling pressure on the prior push and now it's lingering showing limited buying pressure. For a trader this is a low risk short with a clear and tight stop. As I've said before...no bias or silver hating here...just pointing out a obvious and sound trade setup.

[cire2222]

i agree with short bias