Disclaimer

I'm not a financial advisor nor a broker/dealer. I neither provide financial advice, nor make investment recommendations. Nothing you read on this website constitutes a solicitation, recommendation, or promotion of any particular security, transaction, or investment.
I may at times discuss trades or trade setups, but this is meant to be purely a discussion point for entertainment and educational purposes only.

Friday, August 19, 2011

silver making higher highs on momentum

We could be in a fifth wave blow-off on the minuette timeframe, but it's just too risky to stay short. When I see price and momentum in convergence like this, that usually is a sign for continuation of trend.
As for my longer term bearish posture on the metal, nothing has changed yet. I will of course wait for a change in direction and a violation of key support levels before getting short again.
Posted by Waverunner (FractalTrader) at 10:10 AM

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))