Hey, I thought I’d give you a unique perspective here of what went down in the Future’s Trading chat room today. Today was all about patience. Just one trade in the silver. I’m going to talk you through what we did in the trade, how our patients paid off this afternoon, and we got the ‘pop’ we were looking for and grabbed $2,100 in the market.
Let’s take a look at how the trade went down. So first, this is my silver chart. You can see right here … market is trading 1470 right now. Let’s take a look at the trade that we made.
So basically, what we did is we looked to get long right here because we saw this volume accumulation. See how you see that the lines in the background here extend to the right? Now, remember what that is. That’s taking volume, which is down at the bottom of your chart. And we take it, and we flip it sideways so we can reference these prices over here as to where the high volume is.
Now, what we’re looking for in market profiles … for the market to break into these zones here where the market can move fast and vertically. And it does that on a very predictable recurring theme. So we initiated the sixth slot at 1474 and a half. Right here, just as you can see we’re starting to break up here. And then we ended up covering in the afternoon here, after a whole lot of patience, at 1481 and a half. Which amounts to $2,100.
But along the way, I wanted to show you when we placed our stop. We put our stop down below what we call the demand area. That’s that green line. We started that stop at 1469, so it had basically $275 per contract risk. We had to be patient the entire day and it paid off. That’s what it’s all about.
So remember sometimes in trading, the best thing you can do is sit on your hands, be patient, and let the market come to you. That’s what we did today. I look forward to meeting you back at the Markets again soon. Until then, trade well.
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