Silver Trade Outlook for 8/11

[Lil Miss Markets 10]

Sept Silver has been trading between 40 and 38, with the strength in Gold we are still bulls in Silver. Currently we are trading 38.375, we are working a buy limit at 38.250, looking to exit at 39.85. On the other side, we would be willing to risk it down to 37.90. We will watch this trade throughout the day, check back in...

[Lil Miss Markets 10]

Update on out Silver trade, we are moving our stop up to 38.55 to lock in the profits...

[Lil Miss Markets 10]

...The bonds sold off hard after a poor auction, Silver was able to push through $39, with that new push up we will again play this trade tight and move our stop up to 38.750 with the markets trading 38.950 as the order was entered...

[Lil Miss Markets 10]

Our stop was triggered at $38.75 putting .50 into the account, not what we planned on but with this volatility playing it safe can pay off, follow more trades at [MOD][/MOD].

Edited August 11, 2011 by TheNegotiator

[TheNegotiator 13]

Hey Lil Miss!

 

Two questions. One, is your avatar really you? Two, is the we you are speaking of 'the royal we'?

 

Lol. In all seriousness. (please don't post your links )

 

I believe silver is potentially consolidating before moving onwards and upwards. I think that there is potentially a quiet before the storm going on here. Gold kinda did the same thing if you look at my post on the http://www.traderslaboratory.com/forums/market-analysis/9653-forget-gold-you-silver-bullet-train.html thread.

 

I do think there's opportunity in silver, but like most things right now, timing is everything. It's easy to be sucked into a market that could look very different the next day or even hours from when you enter.

[Lil Miss Markets 10]

Of course that's a pic of me Negotiator, that link I tried to slip by would show you my site. I have spent over 5 years at the CBOT so I have a good feel for the markets, you don't think a woman can hold her own in the markets

Silver has been a great market as money leaves the Index's, sure Gold has made massive moves but even today with the margins up 22% we worry the volatility can cause even more swings. You said it though, timing is everything as when I posted that entry price working a limit, it was filled soon after and we kept our stop close moving it up a few times, the market reversed quick, stopped us out with a profit, then turned right back around.

[TheNegotiator 13]

Ain't that the way though sometimes? I agree about the outflow from the indices. I saw how day traders flowed strongly out of bonds into the indices. Clearly, when it's tough to make money in any given market, money moves. But I think that the retrace in silver was a bit of a slap to remind us all quite how easy reversals happen and with the recent capitulation in stocks, it's really anyone's guess as to how the economy will truly be in 5-10yrs.

 

Anyway, if you'd like to post charts in this thread (with no links ) it'd be interesting to see your views on silver etc.