SILVER SHORT CLOSED AT 39800- 1000 POINTS, CRUDE RANGE BOUND

So i closed the silver short and  made a decent profit of around 1000 points (technically but i admit i booked partial at around 40250 as i thought it would act as a reversal point..but the momentum was too strong..and it kwpt going lower ..well good for me :P)

 

now it is back at around 40300 levels and iam looking for reentry of my short. heres the chart:

2017-09-20 11_50_03-SILVERM17NOVFUT - 40317
potential reentry at 40400-500

though silver is back at around the crucial support/resistance line of 40250 i have yet not taken a short again ..two reasons:1) the volume is still not showing signs of reversal 2) i have made a fib retracement and 40500 is the lvel of 38.2% fib level..Looking at the price action silver seems to first reach there and then continue its bearish journey.

Ofcourse being in the market for over a year i have accepted that i may reverse violently from here or keep going up like a rocket..no one can predict.. especially now when the NK-US thing is back again..ohh trump.. so i have kept a level of 39960 for short reentry and for longs ..ill wait for a pullback and then have a level of breakout for longs 🙂

Hoping that silver/gold gives me profit again. SWING ROCKS 😀

now talking about crude:

2017-09-20 11_45_21-CRUDEOILM17OCTFUT - 3247
rangebound price action

 

crude has been stuck in a range bound motion since a 3-4 days now after some nice rallys. while it was good to trade within the ranges..30-40 points of profits are nothing compared to the 90-150 ones :P.. Fundamentally i guess nothing significant is happening around or maybe i dont know about it.. but my guess is it will have a upward breakout from here..Needless to say stop buys and sells above and below the range are in place :D.

ill update on this too.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s