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.
Today is a perfect example that the markets can go down an unbelievable -4.7% even when the indicators say that we are highly oversold. Just follow that charts and have a stop loss.
Price gapped down below PDL and just above S2. It moved down nicely till 5 EMA caught up with the price. Shorted just below $77, covered partial above $76 and the rest above $75. It was a smooth ride, price never took out 5 EMA which was my trailing stop.
Love this pattern but did not take the trade. Nice move down, followed by consolidation and then price bounces right at intraday support and then breaks down. produces nice results. Same was the case here. At times, price takes out the high of the consolidation and then breaks down.
USO formed an inside bar just below R1, took out R1 but failed to take out PDH. It moved to the major EMA's and formed a bear flag on the EMA. I shorted on the break of the bear flag and price immediately broke down nicely. Love when the trades work immediately and better than expected.
TNA formed a wide range red bar on Thursday right on the 50 EMA. Friday was a narrow range day. I was looking for a continuation of the downtrend on Monday.
Shorted TNA when price took out Friday's low. Covered partial at S2 and remaining near the round number.
GLD gapped up but I was initially looking for shorting gold because it seemed a little exnteded on the daily. Price formed 4 spinning tops and doji's just below R2 forming a bull flag. I changed my mind of shorting gold and went long above R2.
Shorted TNA when price took out Friday's low. Covered partial at S2 and remaining near the round number.GLD gapped up but I was initially looking for shorting gold because it seemed a little exnteded on the daily. Price formed 4 spinning tops and doji's just below R2 forming a bull flag. I changed my mind of shorting gold and went long above R2.
Nice, clean small bull flag to 9 EMA. It chopped around after my entry but finally reached R1. Exited full position there. On the 15 min. chart, 2nd bar was an IB and that convinced me to stay in the trade. Have a nice weekend everyone!
Gold was a little extended on the daily. Shorted when price formed a bearish candle at R2. Covered partial near 20 ema and remaining at daily pivot.
Shorted on the break of 3rd bar low. Added to the position after it formed 2 NRB's. Took partial along the way and folded the remaining position $64.60.
I took a small position in OIL short. WRB followed by 2 NRB's. Break when low of the 2nd NRB was taken out.
Took me 2 attempts to get this right. Shorted first on the break of 15min - 4th bar low which ended in a small loss. Price moved sideways to reach the 5 EMA. 8/15 closed below S2 and shorted when the trendline was broken.
Commodities were weak today. CNX was on my watchlist because the daily chart had a short setup under the PDL. First bar is a spinning top hitting the 50 EMA resistance. 2nd bar penetrates the PDL but closes above it. Entry is when price takes out the low of the 2nd bar. Since it was based on daily chart, set a decent target esp. when market/sector favors the trend.
USO gapped down, tried to rally in the first bar, then formed a consolidation of NRB. I shorted when price took out the low of the consolidation but was immediately stopped out in a fake breakout. Price then formed 2 narrow spinning top bars which was an excellent entry but I missed this entry. Price then moved down beautifully. 
SLV gapped down near s2. Moved sideways till 5 EMA caught up with price. My entry was on the break of 5th bar low. There was low risk entry just after that. Nice downward movement in SLV.
This is my friday trade. Entry was on the break of the trendline. 
Nice move in the morning followed by some weakness before price found support at the 20 EMA. Price consolidated in a narrow range. Went long there and sold the position near R2 and morning high.
SLV has been moving in a tight narrow range for the past 4 days. Today it broke out of this range, gapped above R2. Price then retraced a little to find support on the rising 5 EMA. I went long there but it was a losing trade. Price moved down to 20 EMA and formed a hammer. Went long again. Sold partial near morning high and the remaining near the close.
