SLV: Good chance for longs
Updated
I'm long silver as of today, stop under the previous low in the 1h chart.
This is a very aggressive and potentially dangerous entry, but I think it's fairly possible to see a rally here.
Even more than a continuation in gold.
In fact, I'll add the silver/gold ratio to the comments section to illustrate my reasoning here.
We can profit from this Silver rally in multiple ways, by either shorting stocks and going long silver (Tim West would like this I bet), or by shorting the gold/silver spread by going long silver and shorting gold.
I included my pair trader indicator to plot the silver/(gold/100) spread for visual clarity.
I'll include intraday charts below, stay tuned for the progress of this potentially very rewarding trade.
Good luck,
Ivan.
This is a very aggressive and potentially dangerous entry, but I think it's fairly possible to see a rally here.
Even more than a continuation in gold.
In fact, I'll add the silver/gold ratio to the comments section to illustrate my reasoning here.
We can profit from this Silver rally in multiple ways, by either shorting stocks and going long silver (Tim West would like this I bet), or by shorting the gold/silver spread by going long silver and shorting gold.
I included my pair trader indicator to plot the silver/(gold/100) spread for visual clarity.
I'll include intraday charts below, stay tuned for the progress of this potentially very rewarding trade.
Good luck,
Ivan.
Trade closed: stop reached
Note
Boom, after 2 months, Silver bottomed.
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