Saturday, March 3, 2012

SLW - Testing the Breakout?


12 comments:

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

    http://screencast.com/t/xe6mzPzs

    Needs a bit more downside to confirm

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

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    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:

      http://screencast.com/t/kDTgkVHzc1s

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

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  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.

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  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.

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    Replies
    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.

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

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  5. HEY BOBLH!

    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

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  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!

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  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.

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