SIU16 – September Silver (Last:20.530)

Sep Silver trippedWith September Silver’s breakout yesterday, we can use the very bullish pattern shown and its 22.910 target to exploit the rhythm of this move.  The 120-minute chart will need a few more bars of loft before a pullback to the green line would become a ‘mechanical’ buy, stop 19.265, but the initial thrust is already powerful enough to warrant an aggressively bullish trading bias. ______ UPDATE (July 28, 7:08 p.m. EDT): With a dip to 20.155 late in today’s session (see inset), the futures tripped a ‘mechanical’ buy signal, stop 19.850, for a ride to p=21.090 or higher. (Please note that the stop-loss is conservatively predicated on a move to p rather than to D.) If the entry risk seems scary, consider a belated entry using a ‘camouflage’ abc uptrend on the three-minute chart or less. Please report any fills in the chat room so that I can establish a tracking position if warranted._______ UPDATE (July 29, 1:33 p.m.) Any reports?  If you executed the trade as detailed above, your position is showing a gain at the moment of about $810 per contract. I’d suggest taking a partial profit here, setting a break-even stop for what remains, and swinging for the fences.  In any case, with an excellent entry point established, you’re on your own. ________ UPDATE (August 1, 2:35 a.m.) I’m still looking for signs of life in the chat room. Did anyone do this trade, which could have been executed with a simple limit order and the stop-loss advised?? At tonight’s high, the position was showing a theoretical gain of $2700 per contract.