The SLV trade was entered short at 43.00 with immediate further follow through to the downside. This is a great start to the trade. We should be able to move the stop down quickly to breakeven.
The grains look like they are also in position to start a large decline. So I will post a trade here to short DBA also. However, if short BAL and SLV then you may want to use a lesser risk amount than those, since they are all the same theme.
New Trade:
Place a GTC sell stop order to short DBA at 33.45. If filled place the buy stop to cover at 34.84.
The reward on the trade should be very good. I would project the decline to go 28.ooish on DBA.
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Silver will bounce today.
ReplyDeleteWhat indication did you have that it should bounce? In any case, this looks to me like the end of a blow off top with "larger and faster" confirmation on this decline signaling a new downtrend.
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