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SL1

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.
COMEX:SI1!
by ScottBogatin
3
GOLD/SILVER Ratio! Sell Gold, Buy Silver? Hello,Traders! What an interesting chart I've discovered right now. A chart from the era of the bi-metallic monetary systems Where both gold and silver were used to mint coins However, history aside, the chart is very telling And we can see that gold is overvalued in relation to silver And the breakout of both the rising channel and a massive horizontal level Indicates that the pair is in the downtrend long term But how to use it? There is no such thing as Gold to Silver futures right? Well, you can create this contract artificially on your trading account By shorting Gold and buying Silver proportionally By doing so you are creating an artificial Gold/Silver contract As the USD factor cancels itself out of both pairs So this way you are indeed trading gold against silver! Sell! Like, comment and subscribe to boost your trading! See other ideas below too!
GShort
by TopTradingSignals
15
Silver Moves Higher After Series of Doji'sSilver(Sl1!) closed at $16.15 from an opening price of $15.75 for a gain of $0.40(+2.54%) today. This move comes after a recent break above trendline resistance which was followed by 4 days of price holding above the trendline. This hold above the trendline saw 4 doji candles form which are indecision candles. A doji candle is a price candle with a small body, and upper/lower wicks of relatively the same length. Today’s candle closed above the upper wicks of the preceding doji/indecision candles which indicates that traders are no longer indecisive, and since they moved price higher the trend that follows should be a continued move to the upside. The Relative Strength Index(RSI) show the green RSI line rising up off of the 50 level which is the midpoint of the total RSI range. An RSI reading above 50 indicates bullish price momentum while a reading below 50 indicates bearish price momentum. The purple RSI signal line has also now crossed above the 50 level as well which indicates that intermediate-term momentum is shifting bullish. Both the RSI line and signal line rising together is a sign of bullish momentum. The Price Percent Oscillator(PPO) shows the green PPO line and purple signal line rising above the 0 level with the green PPO line above the purple signal line and indicates bullish momentum behind price. When both lines are trending above the 0 level the overall momentum behind price is considered bullish, while both lines trending below the 0 level would indicate overall bearish momentum. As long as the green PPO line is trending above the purple signal line, and both lines are trending up from the 0 level the current bullish momentum behind price will be sustained. The Average Directional Movement Index(ADX) show the green direction line trending above the purple direction line which indicates a positive trend in price. The histogram in the background has also begun to rise which indicates that the trend direction is increasing in strength. In general during an uptrend, you want to see the green line rising above the purple line and for the histogram bars to be rising as a sign that the trend is increasing in strength. Volume still remains relatively low when compared to recent advances and declines in price shown in the past. In order for the current uptrend to hold we need to see volume increase in order to sustain the move higher. Overall, silver is looking good after the recent break above the orange trendline, but still needs to take out overhead resistance in the $16.50 area. The trend and momentum indicators are leaning bullish, but the lack of volume is the concerning part about this move higher. Should price break above $16.50 we should start to see more volume appear, but until that $16.50 level is taken out there is still a chance that this breakout could fail and lead to a price reversal. The stop-loss level has been moved up on today’s breakout and now rests at $14.70. This is just below the last base, or area of consolidation, prior to the break above the orange trendline. This is considered to be the last area of demand prior to the advance in price thus making it the best stop-loss level for long trades. Should price fall below that level the short-term bullish bias in price would be at risk of shifting bearish.
COMEX:SI1!Long
by PrepForProfit
2
Silver Trendline TestSilver(Sl1!) closed at $15.59 from an opening price of $14.92 for a gain of $0.67(+4.49%) today. Price also closed just above the orange downtrend resistance line which is bullish seeing as how this line has been acting as resistance since early April. Going forward, we need to see price hold above the orange resistance line and make an eventual push above the horizontal red line at $16.30 which is a strong price level stretching back to July 2019 where price peaked and then eventually rose above, and then found support at again in late 2019. This level briefly acted as support in February 2020, but then failed in March with a rejection at that level coming in again in April. A move above $16.30 would be significant and likely mark the beginning of a new push back up toward $19. The stop-loss level for long trades rests at $14.50 which is near the low made in mid-April, as long as price remains above that level the short-term trend will remain bullish. The Relative Strength Index(RSI) show the green RSI line rising up off of the 50 level which is the midpoint of the total RSI range. An RSI reading above 50 indicates bullish price momentum while a reading below 50 indicates bearish price momentum. The purple RSI signal line is also rising, but remains below the 50 level with a cross above looking to come soon. The signal line indicates intermediate-term momentum so that line rising above the 50 level would be another bullish indication that price is gaining upward momentum. The Price Percent Oscillator(PPO) show the green PPO line and purple signal line overlapping at the 0 level. In general, you want to see the green line rising above the purple line and for both lines to be trending up and above the 0 level. Both lines trending up above the 0 level indicates bullish price momentum. The Average Directional Movement Index(ADX) show the green direction line trending above the purple direction line which indicates a positive trend in price. The histogram behind the ADX lines is trending flat which indicates no strength in the trend yet. In general during an uptrend, you want to see the green line rising above the purple line and for the histogram bars to be rising as a sign that the trend is increasing in strength. Volume is relatively low, but beginning to show a slight uptick. Should price continue higher we would want to see volume rise in order to sustain the movement in price to the upside. Overall, silver is looking good here today with the strong move in gold. The gold-to-silver ratio remains near all-time highs at 112:1, meaning it takes 112 ounces of silver to equal ounce of gold in price. Historically, a ratio of 80:1 is considered high and a good time to enter silver trades. The historical average over the past 5,000 years is a ratio of 15:1, so we’re either looking at gold price being extremely overvalued, or silver being extremely undervalued. It’s my opinion that both are still very undervalued with silver being the more extreme of the two. As gold continues to gain in price I expect silver begin to close that ratio and outperform gold as silver usually does during periods of bullish trends in the precious metals space.
COMEX:SI1!Long
by PrepForProfit
Short SL1! / SILVERshort at $14.17 Silver had a strong bounce as did the overall market SPX, DJI but it is now range bound still in a down trend on the weekly stocks such as PAAS are selling off as people don't want to have exposure over the weekend and are being more risk adverse. As we trade below point of control at $14.35 and have declining volume I anticipate that we will break down over the weekend and the upcoming week will have a sell off as the Covid19 out break worsens in the US and confidence in the market/economy weakens.
TVC:SILVERShort
by tradersedgeray