Comments on: Swing Trade Ideas & Silver Analysis 7-19-19

By: rsotc

rsotc — Fri, 19 Jul 2019 15:23:30 +0000

Nice rally in /ZW wheat futures since breaking out above the minor downtrend line + 500 resistance level which was highlighted as the next buy trigger in the video. It would be ideal to see wheat follow-through to print a solid green close today & continue to build on the successful bounce off the 492 key support & today's breakout with a continued move higher next week. Updated 60-minute chart: https://www.screencast.com/t/74wilNQSqQX

By: rsotc

rsotc — Fri, 19 Jul 2019 15:17:54 +0000

I published this video as soon as it was uploaded & finished processing by YouTube but wish I could have posted it sooner as silver was up strong when I started the video while silver was just peaking at today’s top which has since been followed by a nearly 3% sharp reversal which started during the video.

I did highlight both silver & a lot of the miners at or approaching some key resistance levels while overbought yesterday with the suggestion to tighten up stops so hopefully some active traders were able to side-step some of the givebacks in gains so far.

As mentioned in this & the prior video, this week’s breakouts in the metals & many miners appear to be solid intermediate & longer-term buy signals & as such, longer-term swing & trend traders, as well as investors, shouldn’t be overly concerned with pullbacks along the way although they should certainly have stops in place, as with any position (albeit, wider stops than an active trader might use).

By: rsotc

rsotc — Fri, 19 Jul 2019 15:01:58 +0000

The top of the target zone for my pullback trade in /SI silver futures has already been hit (I suspected that we be a very quick trade). Covered /SI short (after reversing long to short near top of the channel) & will sit tight for now & watch how /SI trades although I suspect a continued move down to the bottom of the target/support zone around 16.00, minor zigs & zags aside. Here’s the updated 60-min chart (may not show in trading room but can be viewed in the comment section under the home/blog page post):

https://www.screencast.com/t/DwfGlaNqR