Market Curiosity: Exploring Markets And Systems

July 25, 2012

Silver, looking to go long SIZ12 on a stop (update 1, July 30) -7%

Filed under: -05 to -24%, Futures Trades, Long Calls, Mistakes — Tags: — Jeff Fitzmyers @ 8:56 am

Buy stop near 27.65.
Stop loss around 26.50.
Bought a December 40 call 2 days ago for 0.1234. For record keeping, lets say the cost was 0.15, a bit above the current ask.

+ Down trend line has been broken with a consolidation sitting on top of it.
+ Long term RSI turning up.
– Short and mid term EMA’s pointing down.
– Bearish(?) rising wedge.

Update July 26 2012: Moved stop loss to about 27.25. Pretty weak “breakout” so far.

Update July 30 2012: Moving stop up to 27.35 ish.
– Volume not great.
+ RSI’s all pointing up and not over extended.

Update August 1: Stop hit -7%. I don’t think I handled this well. Because price was not really accelerating up, it would be better to have at least a break even stop since if price came back into the channel, it would likely go rather deeply into it.

(Edit: opps posted the September chart. Here is the December chart).

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