May 18, 2011 Trading Profit = $4,637.50
TODAY'S PROFIT....$4,637.50
TRADES PLACED....3
WINNING TRADES...3
LOSING TRADES..0
AVERAGE P/TRADE PROFIT..$512.00
Went long Silver for a 3K trade before any retraces happened. Our Crude Silver's ranging now and still waiting for a breakout. My guess is that it'll break out lower to the next support level if it breaks 32, if not it'll start heading back up to 50 and beyond. Seriously, I want it to tank to the 28 support level so I can go long with some confidence. With the news that the Chinese Gov't is encouraging their citizens to buy Silver I really don't believe it could go down past 28 at the lowest. BUT..stranger things have happened and with this in mind let's look at the BIG PICTURE:
According to the Monthly Silver Chart it's heading DIRECTLY to around 27. Hey, I'm not a Prophet, Soothsayer or Palm Reader but all I know is "what comes up must come down", and right now it IS heading down. So as far as going LONG for the LONG TERM is concerned I'm gonna wait til the end of the month until the line DOWN comes to rest at where it may.
Next Month is another direction I believe so if it does settle at 28 by the end of the month I'll feel more comfortable that it'll most likely head back up for a retracement. Ranging between 32-48 until it breaks that all powerful $50 mark.
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