Friday, August 5, 2011

Trade Update: SLV

Wow I just got done saying to buy SLV on a break of $40, when it broke $40, we bought and it promptly collapsed. You can see the action on the intraday chart in the 15 minuet time period. We bought 50 shares at $40.72. Then as if throwing a switch the bottom fell out. To make matters worse I postponed setting a stop leaving us at the mercy of the market. The market didn't show mercy until $37.50.

We bought 1/2 of SLV at $36.98 and 1/2 at $40.72 putting our cost basis at $38.85. I think a good place for the stop is yesterdays close $37.59. This will put our loss at $100.

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