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Silver Wheaton Corp. Message Board

  • chemaes44 chemaes44 Sep 6, 2013 8:47 AM Flag

    Close to becoming a long again

    My short on silver was stopped with a 2 cent profit at around 3:30 yesterday, whoppee.

    Anyways, I get long again with a close above $23.98 on a 5min chart of Dec silver. Preliminary indications are that it will get through that price.

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    • Re: $23.98 target I gave 6 hrs ago...

      the best silver has done all day is $23.965. For 6 hrs it has remained within about 12 cents of the trigger price. This is usually negative meaning price downward Sunday night, unless it can somehow get above the $23.98 before days end.

      Even if it does, I'm less inclined to participate because of how long it's taken to make a move that only required 10 to 12 cents to the upside. The best play is now to short it

    • Silver price seems frozen in time. Perhaps it is experiencing a NASDARK moment.

      • 1 Reply to quailrunrd
      • I'm covering 2/3's of my short here.

        23.98 to 23.18 is $4K per contract

        It's not that I believe this is a bottom, but there is a possibility for a bounce upward. I know this might sound a contradiction but there's a 60% chance it continues down and 40% chance it bounces. I needed at least 67% chance on my short to remain short.

        I close the remaining short if it gets back above $23.27

        I will go heavily long if it gets back above $23.515 for more than 5 mins.

        What sucks is that the daily pattern in silver was very strong, still is, and it only needs take out 26.00 to kill the bear started in April

23.95-0.34(-1.40%)Oct 26 4:02 PMEDT