Silver, Daily Chart: More Entries
After last weeks Silver chartbook release where we took partial profits into the daily time frame breakout (red down arrow), we had yet another long entry (bright green up arrow) on the 10th of July 2020. On the 15th of this month we took again partial profits from this entry (see our quad exit strategy). With an entry at US$18.55 and an exit at US$19.43 for this part of the trade, a 4.74% profit was achieved.
Silver In US-Dollar, Weekly Chart: No Need For Greed
The weekly chart shows why we took profits again. With a move from US$11.639 we enjoyed quite a run. Last year in September this distribution zone (red horizontal band) was strongly rejected by price. Consequently, a temporary retracement towards the supply zone (green horizontal band) is likely. This again would provide for low risk entries.
Silver, Hourly Chart: Creep Up – The Strongest Form Of Trend
Lower time frames are often a good source for what is going on in detail. The hourly chart provides data with its market profile representation that we are in a creep up scenario for the last week’s sessions. “Up creep” being the strongest, meaning most sustainable type of trend. Prices closing at the end of the session (vertical blue lines) near or above the point of control (POC) which are the horizontal red lines indicates strength. It is this strength that warrants us for our aggressive reloading behavior and has so far rewarded our style of trading.
Pain avoiding, pleasure seeking
Money in itself has no value. It can be attributed to positive as well as negative spending. This makes goal-setting so important for the market player since money is the only product gained from speculation. You are not in the news, have no skill or product to show off to the world.
The focus needs to be on pleasure seeking goals. If those are of material value only like a debt paid, a vacation taken, a house bought, than a trading career is easily limited. Once these landmarks have been reached it is not unusual for self sabotage mechanisms to kick in. Consequently, traders often lose or give back an enormous amount of hard earned capital.
Only stating you want to be rich (pleasure seeking) won’t cut it. Or worse:”I don’t want to be poor anymore”(pain avoiding). To avoid giving back money to the market, sound goal-setting, that is in alignment with ones beliefs and life style, and that reflect ones values, is necessary. Trading is a business and all aspects of a business need attention with care. Sound business planing involves clarity of this aspect in detail. You want to map out a detailed road of goals, celebrate milestone moments where you spend some money on yourself as a reward and map out a road that is in alignment with your personality.
We post real time entries and exits for the silver market in our free Telegram channel.
If you like to get regular updates on our gold model, precious metals and cryptocurrencies you can subscribe to our free newsletter.