When trading one of the things that make for a good trader is knowing when to sell. Huge volume ususally signals a change in the direction of the trend. We can see that there was plenty of warning in SLV when there was a volume spike, back on 4/25. There was a continuing churning action in the following days – when there is no significant upside to the price action as volume increases drastically. When this happens it’s usually a good time to get out while you can, or start to tighten stops.
The long term outlook for silver is still bullish. The moving average 50 ema is above the 200 ema, and I would wait patiently for the next breakout as it may continue to an even larger trend. Fundamentally speaking the Fed hasn’t raised interest rates and dollar value is continuing to sink while the Fed prints more money.
The entry for this trade is posted here.
