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Silver Wheaton Corp. Message Board

  • pistol_sam_40 pistol_sam_40 Feb 1, 2011 11:41 AM Flag

    Any1 trading SLW back & forth, more than once/day

    Looking back the past 2-3 weeks, SLW can fluctuate as much as $2 per day. I am down about $8 from my purchased price of 2k shares. I am looking back even if I can sell and buy back on the same day for even a mere 60 cents. I can break even faster or bring down my average. I know it takes balls of steel to do this. Is anyone taking advantage of this daily fluctuation. Frankly speaking, I don't see any drastic events that will consistently move SLW in a big way in the near future except the ER coming up.

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    • I don't day trade this stock but I do trade it. I entered my current position on 1/24 @ $30.88 after it bounced off of what had been the upper channel band it had been trading in for months and then broke through back in September. I have just been long since then. Today I sold the Feb $34.00 call for a credit of 73 cents. In addition I sold the Feb $32.00 put for a credit of $1.09 for a total credit of $2.72.

      If the stock is between $32 and $34 on Feb. 18th I just keep the $2.72 and my stock, at which time I would look at selling another set of calls and puts.

      If the stock is above $34 on Feb 18th I get my stock called away at $34.00 for a profit from today’s close of $1.27 plus I keep the premium from selling the call and put of $2.72 for a total gain of $3.99 per share from today's close and I start looking for a new entry point.

      Lastly should the stock fall below $32.00 on Feb 18th I have to buy it for $32.00. Since I took in $1.09 selling the put my effective price for the put stock is $30.91 plus I still have the $0.73 credit from the sold call. If I average my original position at $30.88 with the put position of $30.91 less the call premium my new average cost for my total position would be ~ $30.54. Only time will tell but I think this is the least likely outcome but if it happens I can live with it.

      Just my way to make a loose a buck.

    • The Seasonal winds are blowing at our backs.

    • Slw and gdx put in positive macd crosses from deeply over sold. Silver busted over the 20day Ma with a higher high. Silver chart is now bullish.

    • look again.......being down 25%+ off the highs is a reason.....

    • Its very hard not to consider selling when up so much over $!.. 2x today. My old instincts haunt me You never know what the next day will bring The last 2-3 days opening higher trading does have merits esp in these uncertain times Out til next day and see what happens Tried that on paper too Also not too good. obviously people like me on here , are noy "buy and hold types" probably all type"A" personalities

    • Back to you PISTOL If you did the paper exercise( as suggested) you have to ask yourself "would I have sold at the low and been out just a few moments ago for a measly $2000, and if you did , where do you buy it back ???

      • 2 Replies to legaldeagle
      • I carried my plan as I promised myself last night. Watching every tick. First thing in morning, I sold my shares at 31.83, at 9:45am, bought them back at 31.13 at 10:11am. After a brief rally, sold it at 31.45, thinking it'll fall back again, but never did (so now fear engulf me, thinking I'll be naked without it, bought it back at 31.64 (loss 19c). Thinking it won't higher than the HOD, sold it at 31.91, then watching that gold and silver go up and SLW went up to 32.28 at FOREX made me sick to my stomach. Engulfed with fear, bought it back at 32.17 on the first pullback. So, that's how my plan work out, gaining 22c of 2K shares after commission (minimum). 20 20 hindsight, I got too greedy, I should've just stop after the buy back at 31.13 but I got greedy and keep pressing my luck. As the old saying goes, investing is all fear and greed. Both factors will kill you.

      • Probably would have bagged the range 5x by now. It's so much easier on paper and when staring at your screen. In real life, a total disaster. You better have a stop loss put into place. Don't get caught up on pride. This thing can go from up $1.42 to $1.10 in several minutes and that can send you to the showers....

    • yes.

      Blythe Masters is doing quite well, thankyouverymuch ....

      (actually I've done okay myself,
      I called the top almost to the penny,
      got out and went short,
      but did not expect them to drive it down quite as far as they did, so I went long too soon and
      got burned ... but that's just part of the game.
      I did bite out a nice chunk this morning at $31.10 ... so I'm as happy as a puppy in a snowstorm at the moment ....)

    • Look up "channeling" as a investment method You must find a stock that consistently trades within a range , until the pattern breaks. (and it will)
      Slw is too volatile , turns on a dime , with no warning

    • Ive tried that in past You have to be very diligent and quick with the trigger Its pulling the trigger that is the MOST difficult You need a crystal ball. I just look for up and downward trends now and trust my own judgment. Many wished they had sold all at 40, if they were honest. I didnt , and have bought much lower in recent days to improve my average Thats where dry powder must be available.Even then, I could be wrong Some think we wont see 40 again. Heres hoping. I dont have alot of faith in charts, esp if you believe the conspiracy theories.

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