SLV: stopped out

SLV hit the stop.  Closed out for over $1.50 a share profit.  This looks like it is going range bound I think there is a strong possibility of another run tomorrow.  Anyway, I'm not letting profits turn to losses. 

This would have been better if I had sold more short sooner.

SLV: Tightening Stops

On the weekly I have a nice entry but the channel is only mildly down with some major sell offs and then an up trend.  This has now ticked two red weeks without the major sell off.

On the Daily we have a doji down to low 30s with a bounce.  Still below the EMs but there's still a change of a rally up to the 13 EMA.  I'm going to tighten stops here.

SLV: Closer to breakdown

SLV made it's lowest close since I began shorting it.  It still held 30 but I think there's a good change it will go below that.

Update: SLV, BA

SLV has bounced up to the 50 MA, the 13 EMA looks like it will cross that 50 day with one more down day.

Other than that my stop was moved to ITM, If stopped out I'll make a small profit but I'm okay with that.

BA: Continues to tick up into the resistance area.  The RSI Is roughly where it has topped out.  There's still a bit of room before my stop so we'll see if it can continue to push higher.

SLV: sold below 50 DMA

Yesterday, I was looking for SLV to break its 50 day moving average.  It did so today and closed well below for a nice 3.07% move.  I covered 25% of the position at 31.88 and have moved my stop on the remaining portion.

Update: The good, the bad, and the ugly

The Good:  My order to short BA got filled and then stock fell pretty nice.  I'll watch this for a continuation move.

The Bad:  After initially making a strong move in my favor,  SLV continued its bounce off the channel.  My entry into the position was decent. my expectations for the size of the move probably weren't.  I had nearly  a 10% drop from my initial short.  Anyway,  My position just went red by a bit, but I have over .80 before my stop is hit.   If I'm right that this is a complete breakdown I'll be fine.

The last two days have made me rethink the cascade entry strategy I used.  Had I hit SLV with  a larger number of shares on the initial sale, I would already have closed out portion of the position for profits.  Instead, I continued to add to my position as it went it my favor making me susceptible to going red on a bounce, which happened.  

 My view off the trade has not changed, however.  The move to 36.44 was weak.  On the weekly is shows up as a kangaroo tail top.   Impulse is blue on both weekly and daily.  

The Ugly:  Ree moved up 20.35% because MCP bought out a rare earth processor, which caused speculation that REE would be the next buyout.     I'm not buying.  It's big move off a signal that hadn't suggested a bottom.   My inclination is that this will fade.  I shorted another 50 shares at 5.99.   a 79% entry grade.   However, this was a reactionary trade, which means I probably should not have entered it today.  it is possible that this trades upwards if MCP does and I probably could get a better entry by waiting.    Maybe 6.50 from the chart.  It will be interesting to see if the bearish MACD divergence continues, which showed a clear top in the beginning of February.

SLV: Added more

3rd entry on SLV.  I went short the bounce towards the end of the day and scored an 82% on today's entry.  Stop on the entire position at 34.01.  Risk = .25R    Target 30 to start unloading.   Then ride the remainder to mid 20s

The COT reports that the commercial traders are becoming increasingly short.

http://www.cftc.gov/dea/options/deacmxsof.htm

SLV: Adding more

I added another 25 shares to my SLV short on a sell stop order.  It closed down another .73 on the day by traded almost a whole dollar lower.    There appears to be some support at the 32 dollar level so I don't want to chase it down to far.  Silver has prone to rapid sell offs and I'm thinking this could be a start of another one taking it down to  mid 20s

SLV: update

SLV short looking good.  Sold short on bounce, sold off the next day.   I have an  sell stop order to sell short another 25 shares if the stock continues to sell off.    Upon a close below 26 Week average, I will add to the position.  I well keep a stop at the high from this past run.

My hesitation with the SLV short is that the impulse is still green on the Weekly chart.  For that reason, I am staying small shares until I have confirmation on the weekly.

SLV: Reversal trade

Went short SLV at 34.05 on a reversal trade.  Yesterday was a significant down day from a top with MACD divergence. I went in small shares expecting to pyramid into this position.  I will add if today's low is taken out, with a stop at yesterday's high

Concerns:

Slv also could be seen as an inverse head and shoulder pattern which is usually bullish.  The right edge also did go beyond the november Highs.  I still don't feel it is bullish because the MACD barely budged on the "breakout"  The question will be whether it falls to support and holds, or is this a true reversal.  For that reason,  I took a small position here, with the intention of adding into it.

Entry grade = 63%  NICE!