Silver has closed above the channel for 3 days, which is positive. However for me, at close on Friday the checklist score for a proposed silver long was 3 + 9 = 12, which is not HP.
1. Price trend is not clearly in the required direction (Essential).
2. All 6 short term EMAs do not clearly point in the required direction.
3. No strong favourable candles in the last 5 days.
4. 24-hr RSI trend not in the required direction.
5. Because of (1), query whether price trend and MACD histogram slope are both in the required direction.
Gold is showing positive signs, with EMA3 starting to cut thru the medium term EMAs and the BBs tightening. But price is still essentially moving sideways and the medium term EMAs are still widely separated, approx. parallel and show little sign of rounding up or converging.
However, for platinum I scored a 15, so I'm in.
Howdy. With the recent green candle in gold it seems to be offering the same opportunity as a few days ago that Paul discussed during yesterdays webinar. Im going to put in a stop entry long above the descending resistance line at $1209 and a stop entry short at $1199. Any thoughts about that?
Made sense to me Nathan. How'd you go?
Good thanks Alan. The long got triggered. I raised the stop loss up to just above entry the next morning . Still in now.
Excellent positioning Nathan... you achieved a textbook entry.
As this was a fear movement that triggered many short stops and then long entries... make sure you closely manage the position. In this case, I'd raise the SL a little further into the money than I'd normally move it.
The reason is because this is a "reaction" movement and may not be long lived... ie... I don't think its a new trend and may only reach the next level of resistance before turning down again.
Ok thanks for the guidance. I changed it to a 3 point trailing stop loss earlier today. Hasn't been triggered yet.
Stop loss triggered at $1230 I'm out.
I had exactly the same stop... well done.
Now look for a pull back over the next day or so and see if a re-entry is warranted for a further move up towards 1240/5
