Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Keeping Perspective

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I thought I was done blogging for the day, but the good people of Europe decided to change that.

The news broke that the leaders of Europe would provide funds without requesting any austerity plans in return (basically money for nothing; the chicks for free was unclear). The explosive rally across the board is impressive. Here's the Euro:

Picture 1

Friday will almost undoubtedly be a banner day for the bulls. All I'd like to ask is that you keep some perspective. Because the chart above is bullish. The chart below – – the exact same market, just from a longer-term perspective – is decidedly not.

Picture 2

Long SLV at $25.62 (by Ryan Mallory)

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Silver is no doubt a fairly speculative trade, but because I’m trading it with a tight stop-loss that makes sense (i.e. below a critical support level) I’m willing to take a stab at this trade with a stop-loss at $25.40. 

Commodities have, no doubt, been weak of late, and the triple bottom that is trying to form is what creates the basis of my trade. If it doesn’t work out, I lose roughly 1% of my trade value, while on the other hand if the trade succeeds, I envision it playing out to the tune of 5-10%. With that kind of risk/reward one can be right far below 50% and still make a decent living trading the market. 

After posting this trade, Springheel Jack (@SHJackCharts on Twitter) noted though that Silver has a confirmed rising support trend-line from 2008 low Friday by bouncing there. But today it is dropping below it. Different perspectives on trades are useful and reinforces the belief today, that I shouldn’t give this trade to large of a leash if it doesn’t play out according to my original thesis. 

Here’s the SLV Trade Setup.

Silver SLV

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