Loading ...Wheaton Trade Impending?
Here is the trade setup I am currently following. For those interested, the trade (should it cooperate) is short term and only runs to the end of May at which point its a sell in my books based on time. Look for the best entry price Friday based on this chart if it appeals to you. My projection is for a 15% to 18% gain over the next 10 trading days. This trade is the one that I believe will close the pattern gap I charted and published yesterday which shows an exit nearer to 56 than 55 dollars.
Ensure price has not broken down before entering though! Never trade anything you do not understand. If price breaks lower then its a scratch so avoid. This chart is only valid as of the moment it was created but the real world can obviously throw curve balls. Do your own Due Diligence. There are no guarantees implied. Its just the outline of what I am planning for myself for Friday…..
Small gap around $42, is begging to get filled.
GDX gap at 28 also wants to be tested.
Yes, that is the danger inherent in publishing trades in advance. We never know for certain so must constantly update ourselves as conditions merit and be prepared to change our minds if conditions change. Using stops goes without question as they are essential. Other than that, the setup looks pretty good to me. Lets see what tomorrow brings.
Farmer — thank you for posting this. It’s most helpful to see how others approach a trade (thinking/timing) etc. and the learning opportunity is greater than the trade itself. Much appreciated!
Welcome Kewl2 and more than happy to add some color to our daily discussions about metals. You will notice from my method that its my style to plan trades out in detail. Starting first with long term charts then moving progressively to lower time frames until I locate what I think are decent structural entry points. I don’t enter without knowing where I expect to exit as a rule. If I cannot forecast the terminus of a trade then odds are my trade will be a failure since it means I don’t really know what is happening structurally with the trend and direction.
I am glad to see someone is reading and following along in any event. For me, this is about getting some much needed relief from the overwhelmingly depressing narratives of the day which have started to darken all aspects of our lives. Posting trades is my answer to the lunatics running this New World Order shitshow. I am putting those guys on ignore for awhile and refusing to allow them to rent space in my head all day every day!
I’m expecting some sort of (failed) backtest of the recent highs myself.
I WAS expecting a p/b then a run to new highs (EW 4 and 5), but the action is now calling for a completed top and a 1 down, 2 up instead.
Who doesn’t remember this bad boy when it traded around 2 bucks?