Believer in Silver Rally - SLV Daily - Up for 2 months
Silver Launched higher today for one big reason, the release of the employment number, but there were other factors setting up coming into this number.
Silver's triangle is well displayed here using the "highest lows" and "lowest highs" to create the pattern.
Silver is rallying for a number of reasons:
1. Start of a new quarter (7.7% decline in 3rd Qtr)
2. Delayed reaction to Russian bombing in Syria
3. Concern over a weak US jobs number today
4. Realization that the Fed won't tighten (raise rates)
Trading Plan:
1. Buy the mid-point of today's spike rally in the next 5 days. 14.29 is the current middle of today's advance.
2. Exit at 15.54 target or in Mid-December when the time of the triangle runs out.
3. Stop out at 14.08, an average range below the apex of the triangle.
Tim
14.51 last @ 12:11PM EST October 2, 2015
Silver's triangle is well displayed here using the "highest lows" and "lowest highs" to create the pattern.
Silver is rallying for a number of reasons:
1. Start of a new quarter (7.7% decline in 3rd Qtr)
2. Delayed reaction to Russian bombing in Syria
3. Concern over a weak US jobs number today
4. Realization that the Fed won't tighten (raise rates)
Trading Plan:
1. Buy the mid-point of today's spike rally in the next 5 days. 14.29 is the current middle of today's advance.
2. Exit at 15.54 target or in Mid-December when the time of the triangle runs out.
3. Stop out at 14.08, an average range below the apex of the triangle.
Tim
14.51 last @ 12:11PM EST October 2, 2015
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