This weeks silver chart-book provides the opportunity to illustrate our way of taking profits. The green arrow up to the very left was an entry on the bottom of the range to provide for a low risk core position establishment on a daily time frame. It had three target exits (purple down arrows). We reloaded this core position with a second short term trade (right green arrow up). This is an anticipated channel breakout play, with also three exits marked in red down arrows. The main focus is on low risk entries, but good exit strategies provide the true profit potential.
What we named the “Quad Exit Strategy” provides for an psychological edge of making the market participant feel like a winner after relatively small winnings and to mitigate exposure risk. These entries and exits have been provided in our Telegram channel in real time. They provided for returns in the 10% region for each of the runners.
Silver in US Dollar, daily chart as of January 6th 2019.
Should You carry a long position from anywhere below the $14.80 mark we strongly advise here to take partial profits. This since we had a nice move into this overhead resistance zone confirmed with a counter directional signal after a 4 leg up-movement.
Silver in US Dollar, daily chart as of January 6th 2019.
This weekly Silver chart illustrates the supply and demand zone overhead resistance near the $15.80 mark. Here we also financed the longer term plays and stops can be moved now to the entry zone.
Silver in US Dollar, weekly chart as of January 6th 2019.
There is a multitude of benefits to the “Quad Exit Strategy”, both on a psychological front as well as from a money management perspective. This allows for more flexibility in risk control (stop placement) and ease of execution due to aligning a traders mindset in a conducive way to a counter intuitive environment.
Midas Touch Consulting, “Quad Exit Profit Taking”, © Korbinian “Coby” Koller
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