$SLV short triggered enter on any bounce I have b
Post# of 474
Posted On: 10/14/2012 12:09:14 PM
$SLV short triggered enter on any bounce
I have been very cautiously watching $SLV for a short entry trigger and we got it with the close on Friday. The signal comes with a negation of the 20 day moving average and 33 support areas which have been unable to give $SLV a bounce all of last week.
This thing could open gap down, but I like to play it safe having suffered my share of gap up plays on put options. I am watching for a retrace short entry on this position at 33 or higher with a stop out on a confirmed close above 33.50.
1st downside target for me will be the 50 day moving average which is at 30.98, followed by 29.50.
[IMG]http://i.imgur.com/0Mq7F.png[/IMG]
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