YouAreNotFree
Experienced member
- Messages
- 1,295
- Likes
- 225
Maybe some retrace is due to 29-3100 range. Don't know which but only point I'd make is I'd rather wait for a bounce and go short. Same as gold strategy really.
I'm not sure if I'm seeing a continuation pattern emerging but difficult to say now. Would like to see some consolidation again first.
I may put a limit order to sell if it reaches 3100s next time. Been interesting to watch.![]()
Anything can happoen of course, but in broad sense you would expect some long punts mixed with covering at this level, moving us upwards to collect more shorts. Fuel for a further move down. (At least thats how I hope it turns out, I like being a Silver Bear.)
I'm looking for a rejected break of yesterdays balance day to the downside this afternoon. I'm wary of playing this thing to the short side right now, what with covering rallies and all.
This played out.
![SilverD.png SilverD.png](https://www.trade2win.com/data/attachments/85/85985-0fd5161c2bb7e0ba3c7acc438d2e4ed0.jpg)
US session profile below shows us getting horribly too short intraday after the covering in G (My ref's are those from Thursdays session.) Shoddy volume and weak hands in control, I had no confidence mid session that we would hold the lows. The matching low in M confirmed what I already knew. Too short.
Late on was some more covering, the result being that virtually everyone who shorted that day and hadn't already covered was underwater. Oops.
![SilverP.png SilverP.png](https://www.trade2win.com/data/attachments/85/85986-0120a133b2ab5756eb92a24913776c44.jpg)
I have a few different scenarios for Monday. Looking at the structure we have I don't see the recent low as anything other than relatively short term, even if we rally well from here.