Wednesday, August 24, 2011
SLV short setup is what I call 'intraday resistance' short setup. The setup was not ideal as 50 EMA was under the entry on the 15 min chart. Price gapped down, tries to rally, meets the EMA as resistance. Short when price forms a lower high. Entered short, took partial at S2 and the remaining just above $41.
I did not take the gold short. I was watching both gold and silver short. Gold was also a resistance short but formed a higher high before breaking down. This usually produces the same result, maybe a little better.