Silver Short Part 2
Updated
I've posted some bearish ideas on silver lately with some longer term patterns that made me bearish before the recent sell off. It recovered some today, but looks like another good short opportunity to me. Here's a shorter term chart with an ascending wedge (an ugly one) and some levels. No guarantee it'll work again just because it worked for me earlier in the week, but I like the short. I think it'll fail here, my target is the $29 area or just below.
I'll have to give up on the idea if it breaks out above today's high tomorrow.
I'll have to give up on the idea if it breaks out above today's high tomorrow.
Note
I posted a bunch of bearish ideas for silver and then it instantly moons 🤡I'm not concerned with my 6/21 puts as much, but it's not fun watching this holding weeklies. Maybe it won't hold overnight, we'll see. This is why I always include the bullish path as well.
Trade closed: stop reached
Welp, got destroyed on this one. Looks like it may provide some good long opportunities soon.Note
I said trade closed because I thought it was dead, I didn't actually sell my contracts because they werr worthless anyway. Today, they went up 3,300% and I made over 100% on the position. I was also holding my June 21 puts and added more during that run up.Ended up being a monster trade, in yesterday's video I said I had a 0% chance of getting anything out of those contracts and that silver would need to dump like 7% for it to come back. Well, today it is -6.8%.
I had many reasons for the short thesis on silver and got more confirmation today, I believe inflation assets like precious metals and bitcoin will struggle due to treasury yields spiking again I was fine holding through that squeeze as a result and added more. Silver is a volatile asset and you need to prepare for volatility if you choose to trade it.
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