SLV Not safe for a swing short right now I have p
Post# of 474
SLV Not safe for a swing short right now
I have played it both ways on day trades for good gains. Today is not a good day to short SLV on swing trade basis. Neither is tomorrow. If you take a look at the SLV chart below you will see that it is trading just above the 20 day moving average after having dropped from 34 bucks. It is actually forming a pivot candle on the daily at this moment.
SLV has not touched the 20 day moving average since August, which means that it is going to get a very good bounce once it trades into it.
The safer bet would be to short a retest of 34 with a stop out if there is a close above 34 followed by a close above the high of the piercing candle. Even safer would be a move to 34.50 to 35.
You have to be careful with shorting silver because gap ups will force short squeezes in all those who tried to short this thing early.
[IMG]http://i.imgur.com/vZyJj.png[/IMG]
(0)
(0)