Saturday, March 3, 2012

SLW - Testing the Breakout?


  1. Perhaps, but it looks like a rising support break to me:

    Needs a bit more downside to confirm

    1. Hey Jack, I can see that too. Where is your downside target?

    2. Well if you look at it Bob, there's a little H&S formed at the high. The target would be the 35 area, but there's obviously a strong support level and potential H&S neckline in the 34.5 area. That would be the obvious target area:

      If we saw a reversal there we'd have a part formed H&S which would need to be borne in mind.

  2. At some point in time in the future, miners will be much higher. I'm not sure when that will be but since I am confident in the destination but not the path, I have a core position in my long term account. Short term, I'm focusing on other bullish setups I'm more comfortable with.

    After impulsive moves, I've noticed there often is a powerful bounce but eventually we do retest the lows.

  3. Unrelated to the post but open question:

    Does anyone have any good sell rules or sell strategies?

    I think the bulk of trading discussion revolves around when and what positions to enter. However, in reviewing my trading, I believe that improving my selling (covering)strategies would enhance my returns more than improving my trade entries.

    1. I use PSAR settings and MACD to signal exits for me. I tweaked the settings though. I also move stops up to the next support area, if above my PSAR.

  4. Hi Bob,
    What settings are you using for PSAR. Thanks.


    looking at the SLW (and silver and Dollar and so on) I have a 'guess' as to what may happen.

    The answer is "yes ,it does look like a retest" (BUT the WEEKLY looks to be saying further downside-
    bit yesterday showed decreased selling volume none "Bailing out " so to speak)
    so my "GUESS" is that the dollar doesnt RUN HARD next week, and SLW 'bounces' and maybe on light
    volume , so it just double tops? Then more "BAIL OUT"

    Then it would drop down and the WEEKLY chart would show the further downside as the dollar does
    get moving higher. JUST A THOUGHT, no one should trade on this theory LOL

  6. Alex, thanks for your opinion.

    You have been nailing the moves in gold/silver since the December bottom.

    Now why didn't you tell me that yesterday before I added AGQ! LOL

    Actually, everybody DID tell me not to buy yesterday, but I added a little just to be a contrarian. We'll see ... may use the bounce next week if/when it comes to lighten up again.

    Thanks for posting here Alex, we all really appreciate your trading talents!

  7. Hi, Bob! I actually replied to your SLW request for input over on BCBD earlier, with a chart. It could extend the pullback a tad, but it's hitting a good support level and has a sturdy double bottom base.