SIZ21 – December Silver (Last:22.88)

I still like the prospect of bottom-fishing if December Silver falls to the midpoint pivot at 23.05 shown in the chart (inset).  The a-b segment of the rABC set-up is shorter than I’d prefer, but there are no visually evident ‘artificial’ segments I can recommend.  If you are comfortable with reverse set-ups, you could locate point ‘a’ about halfway along the rally leg begun from the 23.815 low recorded on September 2. That would make the a-b segment about 60 cents, yielding about $1,500 of entry risk per contract.  The shorter a-b would reduce that to around $1100. _______ UPDATE (Sep 16, 9:25 p.m. ET): If you followed my guidance, you hold two contracts with a cost basis of 22.87 and a small paper profit at the moment.  The first trade got stopped out and is shown in this chart with ‘c’ located in its original spot. The second trade was  triggered off the subsequent bar’s 22.585 low, and half the position would have been exited at p=22.87. You’re on your own for now — I will be traveling on Friday — but please let me know in the Trading Room if you hold a position and take a profit/loss.