Tuesday, November 9, 2010

November 9, 2010


11/09, 8:40PM EST update - The $27.56 area is the current level. If you are looking to get a quick short scalp in, then this would be one moment it can be done. This does not mean this resistance will pull back much as the trend everything but the last few hours is higher and thus if you short be very careful. On a long position, I would like to see the market rally higher and come back to $27.56 and start to change trend on the 1m charts to enter in a long position. Remember to make your trading ideas your own if you do trade as this is a form of gambling by playing paper silver trading.

11/09, 7:20PM EST update - The market has retraced around two percent from its lows shortly before. Therefore with the range of $26.50 and $29.36 the $27.56 is the 38.2% resistance and seems to be the next target. It will be interesting to see if the sellers will come in control at that level, and if so to what degree. I most likely will keep the blogs this way, with quick paragraphs every so often like this.

11/09, 3:55PM EST update - The 23.6% retracement from the $17.90 lows and $29.36 highs is $26.11. The five day moving average is rising and it was perfect support. Thats where this crash took us to is the five day. If you have been watching some of my videos or are an experienced trader yourself, you know that when you are as extended on that five day, that you should at least get a bounce there. I'll get an update out as soon as I can as the market on SLV has now closed.

11/09, 1:42PM est update - What a move down. It fell 3% in around ten minutes and the volatility is still moving with 1% moves in 30 seconds. Im loving this action, because if we are going to have a move to $31 or $32 in the short term area, we could use this volatility

11/09, 11:19am est update

The silver market keeps proceeding to the upside as we are now nearing closer to the $31-32 level that is so crucial. The trend remains higher and because I know the $100 level is a conservative upside target I am in no mood currently to sell any of my positions of silver. That doesn't mean I may not try and barter small amounts to buy goods if I am available to and i am still planning on buying bullion at these levels as long as it goes higher

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