First, you might like to read Peter Brandt’s Should the inevitable chart breakout in precious metals be trusted?
Tight stop loss a bit below yesterday’s low.
+ Silver, looking to go long SIZ12 on a stop
Update August 9 2012: In gold at 1619.5 (margin $9,100) Edit: Stop loss around 1593. Lowering silver buy stop to 28.27 ish.
Update August 20 2012: Long Dec 29 silver call at 1.46. Will update past stopped out positions later.
Update August 22 2012: Stopped out of gold long at 1593. -30%. Long SIZ12 at 28.27. Stop loss now at 28.38. I should have just bought long dated calls in the first place.
This chart highlights a favored set up of a buy stop on a narrow range 7 bar with support nearby.
Bean oil just showcased another set up.
Update 4, September 9:
Long Dec 29 silver call at 1.46, currently 5.15.
Long SIZ12 at 28.27, currently 33.69. Stop loss at about 31.80 because the minor test of 32 held.
Update 5, September 30:
Long Dec 29 silver call at 1.46, currently 5.7.
Long SIZ12 at 28.27, currently 34.40. Stop loss at about 32.25.
Update 6, October 3:
Attempting to add another long silver position near a 34.91 buy stop. Stop loss is a little loose at 34.15 ish. Actually I decided to make a new post: Silver – attempting to add to longs.
Update 7, October 21:
Long Dec 29 silver call at 1.46, stopped out at 3.4. +130%
Long SIZ12 from 28.27, stopped out near 32.25. +103%
I paid tooooo close attention to “news” instead of bars and so left too much on the table. That always costs a lot!