Market Curiosity: Exploring Markets And Systems

January 31, 2011

Long SLW on EMA back test +15%

Filed under: +06 to +25%, Long Calls — Tags: — Jeff Fitzmyers @ 7:25 am

Bought SLW June 35 calls for $2.77.
Price should be strong. If not, time to exit.

On the 60 minute chart below:
+ Price just backtested the 34 EMA which has now turned up.
+ Price broke out of the declining trend line.
+ All 3 CCI’s are in a bullish configuration.

Opps! This chart has the trend line incorrectly drawn:

This is correct:

References:
A few silver fundamentals updated

Jan 2: Strongly considering selling the calls on the open. Looks to be a gap open into the 170 EMA on the 60 min chart. And the silver index is at 204 — the highest I have ever seen it. Worst case I reenter.

Sold at $3.20. +15%. Now the trick is when to reenter. Possibilities: an hour from the open, 10 EMA on 60 min chart, or the previous recent highs at 31.60.

Bought back too early: Long SLW again, and again a bit too early.

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