Yep. I've been playing the yo-yo's with half my position, buying under $5.70 and selling over $6.50, and holding the other half. There hasn't been anything today that says which way it'll break, so I put in a buy order at a level I don't expect to fill and let it go. It's good to just take a breath and know it's eventually going to go up.
I would be negligent if i didn't correct something I said in a post either earlier today or yesterday. I said something to the effect of "there's next to no chance SLW does anything but go up monday"
If I took the SLW chart by itself, I would stand by what I said but as I have posted dozens of time here, I look at many variables when making my decisions. The closes on Friday changed a lot of things.
Tonight, I see the USD dollar index did something interesting on Friday to make me waiver. The likelyhood its putting in another head and shoulders pattern to the downside diminished significantly with fridays close. This right shoulder has gone sideways for a long time. Also fridays close was higher than the previous 8 days, which begins to signify upside momentum. Lastly, theres a trend reversal MACD up. Unless gold and silver decouple from the dollar, you all know what happens when the dollar goes up, even if it is just a dead cat bounce.
Second, with the exception of gold, ......silver, the XAU, and HUI all put in worrisome double tops on their Friday closes, that I didn't pay attention to until looking at the charts tonight. Silver looks more like its a double top, while xau and hui look more like they just consolidated to a break out point. the interpretation is tricky for all three.
I could go on, bot bottom line is, where I was almost 90% certain on upward move on Monday, my certainty has gone down to say 65%.
To make me feel better, I would like to see gold and silver stay right were they are all night long until NA markets open. If they spike up overnight, I become even more worried and reduce my certainty to 50%, yes flip a coin.
This is why I gave up on the charts. Those lines are just as delusional. You can only be certain after the fact. No one can see the future.
So as a trader you still need to make a decision as which way the future will go.
I can't base on the chart to tell me which way it will go, however, for what have happened for a few days last week, i.e., the kitco price has not been followed with the stock price, I find myself not as rattled this morning looking at the red #s on kitco. I can only use the relative term "not as rattled." No one can be sure how powerful those cartel can be. You and I all know gold/silver should be up, it's only the cartel are so ruthless thinking they can manipulate the market.
This is where I as a person come in, in the long term, I believe the truth will prevail. However, I've learned as a trader, you will have to compromise to take short term defeat.