A couple weeks ago I expressed a bullish thesis on silver given the chart patterns, and if the charts acted the way I thought they would've if the underlying asset was truly bullish, we would've gone past the 18.50 level. However, at that level it appears to have created a double top over the course of two months. If it closes below it's 50 and 200 MA I will look to reverse my thesis completely and try to play this thing on the short side.
After reading from some of the greatest traders in the world (Seykota, Drunkenmiller, etc.) one thing that I have noticed is their ability to change their mind on a dime and go with the trend. Time to put my money where my mouth is.
In terms of getting stopped out, I would look to place my stop right above the 200 MA, which would express a change in the trend. However, I don't want to put it so close to the 200 MA that I get stopped out on a false breakout if that would be the case.
Still trying and testing different stops. Learning.
All the best,
RC
After reading from some of the greatest traders in the world (Seykota, Drunkenmiller, etc.) one thing that I have noticed is their ability to change their mind on a dime and go with the trend. Time to put my money where my mouth is.
In terms of getting stopped out, I would look to place my stop right above the 200 MA, which would express a change in the trend. However, I don't want to put it so close to the 200 MA that I get stopped out on a false breakout if that would be the case.
Still trying and testing different stops. Learning.
All the best,
RC