Candlesticks and Indicators Predicted the Rollover in Silver, Way too
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Most of the time, Gold and Silver journey together collectively, significantly like the Lone Ranger and Tonto. In our Newsletter, we had ventured the opinion more than a interval of a lot of months that the price of Silver was coming into a leading and reversal, in a trend comparable to that of Gold. The usually recognized knowledge, of system, is that there was no discernable limit to the price of Silver because the progress of inflation would inevitably keep on to propel investors to the perceived "safety" which Silver (jointly with Gold) could give.
In our operate, we use the Japanese Candlesticks method of price screen, collectively with a group of the normal well-acknowledged "Western" Indicators. We especially have our eye out for reversals of craze, due to the fact we choose to enter a trade previously instead than later on if all of the evidence, with each other, permits a conclusion that the timing is proper and that the possible exists. In the mild of what we noticed in the Candlestick formations and in the Indicator readings, our conclusion was that the generally accepted knowledge was mistaken, and that Silver costs were quickly heading into a leading and a reversal downward.
Silver produced several untrue starts towards a reversal from November 2008 onward and in January and February its rise in prices became practically vertical as proven on the charts. The strain pushing down on Silver prices from above increased to an extreme among February seventeen and February 23. It turned obvious that at some level, quite quickly, strain had to be unveiled in the kind of a decrease in costs. We continued to look for for Candlestick price tag styles and other proof which could lead to the summary that the best was near.
Finally, on February 20, we noted the emergence of a "Final Bullish Engulfing" pattern in Daily Silver charges, in which the "true body" of price action that day very nearly enveloped, or engulfed, the real entire body of the preceding day's price action. We were on the lookout for a reduced shut the subsequent day, and we got it as rates shut reduced in a bearish "Hanging Man" configuration. (The Hanging Gentleman seems around the prime of an prolonged progress in rates. It is attended by a tiny genuine physique near the prime of the price bar). The Hanging Gentleman is matter to affirmation by a reduced close on the subsequent trading working day. That confirmation need was triply fulfilled as rates shut successively reduce a few days in a row. The cheese was manufactured even more binding as the price bars of February twenty, 23, and 24, with each other, are a variation on a (bearish) Candlestick "Evening Star" pattern. Closing confirmation of a turn was offered by the falloff represented by the tall black candle on February 26.
The Indicators had been not asleep although the Candles had been putting collectively all of this proof for us. Above a interval of several weeks, some of them have taken to touring proper together the range extremes of their allowable journey. One of them, the RSI, showed a divergence from the price tag trend line of Silver, in that the RSI declined while the price of Silver ongoing to advance. By means of experience, we have found that a divergence this kind of as this usually is a predictor of decrease costs.
It is probably now that Silver will continue to decrease. We are focusing on the 1075 level ahead of it is likely to find any significant help. These traders who are even now Prolonged in Silver may start to think significantly about exiting, or at the very least in elevating your security sell stops to a level which is near underneath existing rates. antique silver flatware
The ethical of the story is that Japanese Candlestick cost charting plus good Indicators which are properly interpreted gave us cause sufficient to conclude that Silver costs had been pointing lower and the evidence of the pudding arrived yesterday as Silver concluded a four-day time period of web decrease, to the tune of a hundred and fifty five cents.
William Kurtz February 27, 2009
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