What happened to silver last night?
12.29.21 I think that this is an important video because it underscores the importance of analyzing the market as objectively as you can giving equal deference to buyers and sellers even when you are looking to be a buyer or a seller. The dynamics of silver last night indicated that the market was going to go lower, however, there is an argument that you could take a long trade at the double bottom that would support buyers for at least a bit of time, and if you had scaled in one contract you could have reduced your drawdown of $2500 yesterday in what I would characterize as a mistake, and this would have reduced your $2500 drawdown to a $450 loss. And if you could have recognized the failure of the market to move above the 382 correction which indicates that the market is probably going to move to a new low, you might have been able to switch your trade to that of a seller. I used all the tools that I normally use: A B C D patterns, Fibonacci retracement's, gap relationships and other tools... always factoring in where I think the buyers and sellers are. I realize this is very fast trading, and that scaling in and out as opportunity, but it also can increase risk of loss, or loss of opportunity. I also know that I don't want to be trading every day like this as this is akin to a stop and reverse strategy which can be stressful. But rapid, transitional patterns can result in outcomes that can quickly fix mistakes or can dramatically improve your results in a fairly short period of time. It's a different type of trading than most beginning traders are used to. Regarding to my own trading, I don't want to be trading like this every day. I want to pick those double bottoms in an oversold market before everyone else starts getting in, and I want to sit back a little bit and work as little as possible. But you get with the market gives you.
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