Job well done, now its time to decide
The silver trade I outlined in the 2500 word mega post a little while ago is working sweetly.
Now its at an inflection point, where all our biases are going to try and take our profit away.
If you took this trade you now have over 2R of unrealized profits. The last thing you want is for that to disappear. BUT it could be a genuine change of trend. And we have a potential buy signal. Its a hammer at 50 EMA support and lower bollinger. If its going to short squeeze, it will happen here.
If you are short its not unreasonable to bank some or all of the profit here and enjoy a job well done. Or alternatively, tighten up the stops to 360 min or 240 min charts.
If, however, silver opens on monday and falls through the daily lows, its an entirely different proposition. Its a hold tight for a big move scenario.
[Mole: Subs should also check out my post on gold which ties into this.]