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.
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.
ReplyDelete