SILVERMINI LONG AT 37006/ 5 LOTS- UPDATE

Silver is moving towards the profit booking area of 37800-38000.It made a high of around 37620 on 18th around 11 am to quickly fall 150 points towards 37500 area.

 

37250 will be strong support and if it breaks it i may be concerned until then i am very bullish about silver. It has to break 37650 for a new bullish wave . No profit booked still all in.

Crude intraday trade 14july 17

 

crude intraday trade
20 points

 

This trade was before the sudden fall in oil prices at around 6 pm today.

 

So i bought 4 lots when the price broke last days high of 2984. My style is to book partial profit so that the loss is limited and then add again if the price retraces to some levels. I exited half of my quantity at the red box resistance area waited for price to fall to the 38. retracement which  incidentally was at the last day high and then added the half again and saw it go till 3010. Book 3 lots there as i saw weakness and then let one lot running.

Sadly oil suddenly fell in miunutes but i made around 500/- profit because of my profit booking technique.  If i have to rate this trade then it will be 2.5/5 because i was too involved. I should have left some stoploss and reentry order ready and let the system do its work.

 

taken silvermini long at 37006/ 5 lots

 

I think that silver has finally had a breakout for the upside and this gap is a very bullish sign . I entered 5 mini lots at 37006. The risk is on the higher side in this one..but i was waiting for the price to cross the 200sma to certain extent. It did cross it but with a very big gapup.. I would have gone half and added later on a retracement but the gap was too strong to be ignored.

Iam pretty confident of this trade as there seems to be a very bullish news for such a gapup. I dont care about the news i just see the charts and i can this is a big move. I expect silver to reach 37800-38000 levels from here where i will book partial profit.

There is resistance around the 38200 levels and if silver breaks that then i expect a big rally.

Silver long
5 lots at 37006
Big Gap
Big gap in silver