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Post by radar on May 14, 2014 6:08:10 GMT -5
There were two nice inside day set ups yesterday in both gold and silver! And it looks like silver's stuffing the shorter term shorts..  ) I am considering selling a Sept call and buying a July put and maintaining my silver position as I do believe we will be seeing some volatility and I want to hold this for a longer term.
It also looks like silver is building an A-B-C-D formation (daily) with an upside target area of 20130; then, possibly a correction in price. |
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Post by radar on May 14, 2014 7:07:32 GMT -5
silver wants to break out here..... YES! YES!! YES! (when harry met sally)
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Post by radar on May 14, 2014 7:31:02 GMT -5
Silver new 20 day highs.
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Post by simonsays on May 14, 2014 7:32:50 GMT -5
Great trade Radar! I did not see this coming at all. At least not yet.
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Post by radar on May 14, 2014 7:55:04 GMT -5
I'm just hoping platy's next turn date for the metals (the 19th) is a top and not a bottom. New 20 day highs sometimes signifies a possibility of a reversal within a few days. If you research "Turtle trade" you will find out the trading pattern for the 20 day highs/lows. Some see it as a breakout type situation, but one of my mentors uses it as a set up for a reversal.
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Post by simonsays on May 14, 2014 7:55:58 GMT -5
likesmoneycycletrading.wordpress.comLikesmoney notes that if we break 1315 here it confirms that we are in a right translated cycle and a new intermediate cycle. While this perhaps is/was not the most probable outcome, I really question anyone who spends considerable energy convincing traders (not to mention denouncing all other views) that there is only one way to be positioned here regardless of timeframe and trading strategy. End rant.
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Post by simonsays on May 14, 2014 8:02:46 GMT -5
I'm just hoping platy's next turn date for the metals (the 19th) is a top and not a bottom. New 20 day highs sometimes signifies a possibility of a reversal within a few days. If you research "Turtle trade" you will find out the trading pattern for the 20 day highs/lows. Some see it as a breakout type situation, but one of my mentors uses it as a set up for a reversal. It's starting to look like it could be a top. |
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Post by radar on May 14, 2014 8:03:28 GMT -5
likesmoneycycletrading.wordpress.comLikesmoney notes that if we break 1315 here it confirms that we are in a right translated cycle and a new intermediate cycle. While this perhaps is/was not the most probable outcome, I really question anyone who spends considerable energy convincing traders (not to mention denouncing all other views) that there is only one way to be positioned here regardless of timeframe and trading strategy. End rant. I agree with you. A lot of that (continuing to stick with a position because you are so darned sure of the outcome) is just cowtowing to your ego. I learned a LONG TIME AGO you need to adjust and continually adjust and make changes to your trading strategy because markets could give a rat's ass about your ego. |
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Post by simonsays on May 14, 2014 8:07:09 GMT -5
likesmoneycycletrading.wordpress.comLikesmoney notes that if we break 1315 here it confirms that we are in a right translated cycle and a new intermediate cycle. While this perhaps is/was not the most probable outcome, I really question anyone who spends considerable energy convincing traders (not to mention denouncing all other views) that there is only one way to be positioned here regardless of timeframe and trading strategy. End rant. I agree with you. A lot of that (continuing to stick with a position because you are so darned sure of the outcome) is just cowtowing to your ego. I learned a LONG TIME AGO you need to adjust and continually adjust and make changes to your trading strategy because markets could give a rat's ass about your ego. Well said. It's not about being right; it's about trading it right and being open to all possibilities, even those that seem impossible. |
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Post by platy on May 14, 2014 8:27:15 GMT -5
Just a warning, that tomorrow is a Uranus-Venus conjunction square Pluto and Jupiter, and it could cause a major reversal. It is only 2 trading days from the Nodes 18° and both events are very important.
Also gold hit Saturn resistance @ 1310. This is pretty strong resistance but usually not strong enough for a final top/bottom. The next major resistance is 1325.
So IOW being long is becoming risky here, but I think odds are for a continuation to 1325.
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Post by simonsays on May 14, 2014 8:34:19 GMT -5
Just a warning, that tomorrow is a Uranus-Venus conjunction square Pluto and Jupiter, and it could cause a major reversal. It is only 2 trading days from the Nodes 18° and both events are very important. Also gold hit Saturn resistance @ 1310. This is pretty strong resistance but usually not strong enough for a final top/bottom. The next major resistance is 1325. So IOW being long is becoming risky here, but I think odds are for a continuation to 1325. Sounds good. Please let us know when you decide to go short. I may join you. |
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Post by radar on May 14, 2014 8:35:03 GMT -5
Just a warning, that tomorrow is a Uranus-Venus conjunction square Pluto and Jupiter, and it could cause a major reversal. It is only 2 trading days from the Nodes 18° and both events are very important. Also gold hit Saturn resistance @ 1310. This is pretty strong resistance but usually not strong enough for a final top/bottom. The next major resistance is 1325. So IOW being long is becoming risky here, but I think odds are for a continuation to 1325. Sounds good. Please let us know when you decide to go short. I may join you. Me too! |
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Post by radar on May 14, 2014 8:42:27 GMT -5
Actually, to be totally honest, I don't usually short via a futures contract, but I will buy some puts. then, go long against the puts. And so you know, I have sold a call and purchased a put for both my silver positions. If we get a decent drop into a low (in June per platy) I can buy the calls back and keep the puts for protection...then sell the calls again at some point in the future.
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Post by radar on May 14, 2014 8:54:21 GMT -5
Platy...... do you include platinum/palladium in your analysis with the planets or should they be treated as a different market?
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Post by platy on May 14, 2014 8:56:53 GMT -5
Platy...... do you include platinum/palladium in your analysis with the planets or should they be treated as a different market? I tried to do platinum but it didn't work well enough so haven't looked at it in a year. |
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Post by simonsays on May 14, 2014 9:28:51 GMT -5
I'm not sure if you guys are into pissant gold mining jrs but I thought I'd mention that Bear Creek Mining got a favourable ruling today regarding one of its' two proposed mines in Peru and the stock popped 40% this AM. The news is now priced in so nothing to do at the moment (except perhaps short it for the inevitable fade). But this is a massive silver resource that they have in Peru, and the stock has basically priced in failure. It's a big "if" but if they were to actually get a mine built, the stock is a potential ten bagger because they own one of the largest, and most economically viable silver resources in the world, IMO. The stock is too thin to trade but it could be something to buy a few shares of and forget about for two years, if that's your style.
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Post by platy on May 14, 2014 9:42:26 GMT -5
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Post by simonsays on May 14, 2014 10:13:12 GMT -5
The Belgium treasurey purchases are very peculiar. I'm surprised more people aren't talking about it (actually it doesn't surprise me but you know what I mean). The deception is one of the reasons I gave up trading longer term on fundamentals. I still follow fundamentals closely but it never ever trumps a chart. |
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Post by platy on May 14, 2014 12:00:41 GMT -5
My EW guy says SPX needs another push higher to 1922.
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Post by platy on May 14, 2014 12:04:39 GMT -5
Hadik thinks gold could surge higher to May 20 and has silver target of 20.605-20.855.
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Post by radar on May 14, 2014 18:36:31 GMT -5
Platy, who is Hadik?
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Post by radar on May 14, 2014 18:38:38 GMT -5
Platy, who is Hadik?
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Post by platy on May 14, 2014 20:27:56 GMT -5
Eric Hadik, who publishes Inside Track.
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) I am considering selling a Sept call and buying a July put and maintaining my silver position as I do believe we will be seeing some volatility and I want to hold this for a longer term.
