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Tuesday, September 27, 2011

Silver - Nice Bounce

The yellow support line that I showed on the weekend worked perfectly.  I mentioned yesterday when the yellow line was touched, and bounce expected.  From current levels, I am expecting a decline again, and test of $27 area. 

Excellent setup again on the short side!   

4hour Chart
 

25 comments:

  1. Giant short squeeze rally continues since hitting my cycle low on Thursday.
    Next major peak might not be seen until Oct 12th.

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  2. Excellent.

    For SPX I have been favouring tomorrow for a high, and it looks weaker late this week, and especially Monday/Tues.

    However from this level weakness may just put in a higher low. Let's take it one step at a time and see how things develop next.

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  3. GOLD 240 MIN

    http://img190.imageshack.us/img190/6672/gold240dec.gif

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  4. Gabe - nice call on Gold bounce. Thanks for all the great charts!

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  5. sc, have you short silver again?

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  6. Yes, I like the short Silver trade (just for test of the $27 area).

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  7. Silver has already slumped from the highs this morning. It may test the top again, or a bit higher, but the main point is that a test of the lows yesterday should occur next.

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  8. sc

    DITTO!!!!

    http://img835.imageshack.us/img835/9241/es240mind.gif

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  9. EMINI DEC 240 MIN


    http://img838.imageshack.us/img838/5011/es240minlast.gif

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  10. EMINI.......


    1191 area is the blocker.........price will have to close above this for any further advance or we could get a steep drop today! joed

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  11. 70 points higher since cycle low last week. Banking some more profit here.
    Gotta just love these short covering ramps. :-)

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  12. Eminis.........

    Flat all longs into 1191........stalking the short side now! joed

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  13. EMINI DEC..........


    "1191 area is the blocker.........price will have to close above this for any further advance or we could get a steep drop today!" joed

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  14. Fab

    Is that good.....? Like a bulldog? joed

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  15. Gabe,

    LEGEND may be more appropriate.

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  16. EMINI

    "STEEP" was the key word!


    Thanks for your kind words........they humble me as they always have! It is a lifetime of work! joed

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  17. gabe, greta call, but i recommend you: foot on earth. ;)
    i think we need to clear 1172 to get 1157 in a while.

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  18. Fab

    MY MY! It just dropped 24 points in an hr and that is your statement!? joed

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  19. Silver had a decent decline from this morning's high. May just bank the gain, wait on it. I still think it'll retest the $27 low next few days, but maybe there is a better short entry.

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  20. gabe i love you anyway even on the moon. ;) ;) :)

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  21. 'MY MY! It just dropped 24 points in an hr and that is your statement! '
    In my book, you deserve many thanks, and more!


    Hello Gabe,

    V Good call - "inspiring trader" that's what I call you !

    Are you short now, I mean started to build a position ? or wait for a bounce to get short (from what expected level or range in ES). Thanks.

    Since we dropped from 1190, and steep drop expected: what is your target for tomorrow ?

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