Friday, April 20, 2007

Silver Futures Trade

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Risk = 20 ticks. (13.839 was my stop)
Profit = +31 ticks

Risk = 15 ticks
Profit = +15 ticks

Risk = 12 ticks
Profit = +4 ticks

Risk = 15 ticks
Profit = -6 ticks

In trade1, volume was unusually quiet, but once it came in, I sold into strength, and also the fact that it was nearing the S1 level.

In trade2, I could see that ZI was having a bit of trouble with the 13.66 level, but the trend was up (especially since all the sellers were exhausted in the selloff just prior), so it looked like it was setting up for mini-breakout.

In trade4, I should have gotten stopped out, but I was using a mental stop for the first time in a while. I could tell from watching the price action that it wanted to bounce for a bit before going down, so I waited for the bounce to play itself out.

I feel in synch with ZI's movements. I hope this does not end once the contract rolls over to the July contracts (end of Friday).

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