Target Practice
Target Practice
I think we all have been there – some setups tease us to no end like eighteen year old debutantes (remember cocoa?), and then there are those precious few that immediately proceed to target a day or two later. Of course we all prefer the latter kind and we got one of those today courtesy of silver:
If you blinked then you probably missed it – this move happened in one big swoop and if you are a short term trader then I suggest you take profits today. I posted this setup in the clear yesterday, so congrats to all the leeches who took this setup yesterday. Of course if you were a Gold sub yesterday then you saw the really interesting setup, which was unfolding on the weekly and monthly panel:
Congrats to you subs because the long term panel claims that you just got a prime entry into what could be a sustained move into 39 or perhaps even 45, if you wind up pushing all the way. And that means if you are a long term trader you may just continue to hold this through any ensuing correction.
My P&F silver chart certainly seems to concur as it’s showing us a bullish PO of 51 – wow. Bear in mind that this chart has not updated yet today and that we are already broke above the February high (number 2 below the arrow).
Gold is also pushing into short term resistance – truth be told we did not take this setup but if you happen to be in this trade then take notice and structure your exits accordingly.
A trade we did take however was crude and you subs had two opportunities to dip into this one. Well, it’s at target now – good job if you held it all the way.
I have no new opinions on equities, this thing really has to work itself out right now – for more pertinent insights please see my last weekend post, not much to add since then. The spoos however seem to be bouncing around their 25-hour Bollinger and are now attempting to breach above the 100-hour SMA. If you are swing trading here then this chart should provide you with hours of joy. Not as fun as Battlefield 3 or Modern Warfare 3 but we rats play on a budget 😉
Cheers,