SIU24 – Sep Silver (Last:28.84)

Subscribers evidently made hay with a 27.41 correction target I’d flagged here that caught the low of a nearly $2 bounce within four cents. So now what? The bounce wasn’t quite sufficient to generate an impulse leg on the daily chart, so any trading opportunities in either direction will necessarily come from the intraday charts. My hunch is that a next buy signal will materialize with a dip into the ‘discomfort’ zone bounded by prior lows at, respectively, 27.45 (7/29) and 26.55 (5/2). ______ UPDATE (Aug 9, 1:50 p.m.): Another bullseye: Last week’s low at 26.505 occurred in the exact middle of the range I’d flagged above. Spartacus was the only subscriber to mention this, but please let me know in the chat room if you used the forecast (as he evidently did) to get long near the bottom. If I hear from enough of you, I will establish a tracking position. ______ UPDATE (Aug 11, 2:25 a.m.): Assuming you are long four contracts from around 26.51, take profits on half at 27.80, then deploy an ‘impulsive’ stop-loss on the 30-minute chart. This implies stopping yourself out of the remainder of the position if a plunge exceeds two prior lows without an upward correction. At the moment, this would locate the stop-loss at 26.970, just beneath the ‘external’ low recorded on August 8 at 9:30 a.m. EDT. Make this order o-c-o with a single-contract offered to close at 28.610. _______ UPDATE (Aug 12, 1:59 p.m. EDT): Profit-taking has lowered our cost basis to 25.22 for the two contracts that remain. Continue to offer one of them to close at 28.61, tying both to an o-c-o stop-loss at 27.280. ______ UPDATE (Aug 14, 2:33 a.m. EDT): Raise the stop-loss to 27.50. _______ UPDATE (Aug 15, 3:24 a.m.): Subscribers who exited on the stop suggested above could have come away with a profit of as much as $22,800. Since a few of you reported getting long again using a reverse-pattern trigger I posted in the chat room, I have resumed tracking the October contract. Check out my posts from early Thursday morning for precise details. _____ UPDATE (Aug 16, 3:20 a.m.): The futures spent the whole day screwing the pooch at 28.045, the p2 Hidden Pivot shown in the chart I posted in the trading room almost exactly 24 hours ago. Next stop: D=28.86. A pullback to either p=28.045 or x=27.64 would trip a ‘mechanical’ buy, but the trade is only suggested for those who are familiar with this entry tactic and the stops used to manage entry risk. ______ UPDATE (Aug 16, 1:37 p.m. EDT): Although the little sumbitch did not quite pull back to 28.045 (28.085 was the low), thereby denying us a ‘mechanical’ boarding opportunity near the bottom, the ensuing rally this morning has in fact hit 28.86, overshooting the target by three cents.  This is bullish. 

  • Ray Kayal August 9, 2024, 6:44 pm

    Rick, your pull back in Silver allowed me to get long Silver futures and SLV. Thanks !