June 14, 2012 Silver apocalyptic set up



Silver Daily Forex chart
June 14, 2012



If ever a silver trading chart told a story.....

This silver daily forex chart for June 14, 2012 is that chart.

 

 

Why is this silver chart different than any other ?

I just read a memo on my broker's trading platform stating that they are making a rare exception and will not be accepting any trades on silver, gold, or currencies over the coming weekend. The reason they claim is a general consensus amongst brokers and economists that the Greek vote and other European monetary policies could send the markets into a super volatile mode.

The screenshot of the daily silver chart above was taken just before the Thursday night Australian and Japanese market session. The descending trendline shows an obvious high level of stress that seems to have been on the minds of many silver traders for several months now.

There was a double bottom at 26 USD against silver and a third attempt to reach that price at the end of May 2012. That last attempt never quite got there. It isn't hard to imagine how there must be tons of orders both for buys long and stop losses somewhere just below 26 so any big money market maker will likely do everything in their power to push through that level. Then again every apocalyptic economy guru has been stating ( screaming ) that the price of silver is going to unimaginably high levels if and when the banking reserves of the world start printing money in order to save the inevitable collapse of paper currency.

So if the weekend does bring about a major shift in European economic affairs and if the banks do start printing big bucks to save the " system as it is " then I agree with my broker that the weekend starting June 15 2012 could definitely be historically written on Mondays June 18, 2012's silver chart as sharp spikes up and down.

And since I cannot trade to protect my existing trades then in other words my broker is telling me that I am scrued  ( typo on purpose ).

Now my broker is a nice guy and doesn't mind that I place trades all year long. Those trades accumulate and most be managed very carefully. However the trading strategy that I use didn't take into consideration that suddenly I would not be allowed to protect myself.

Sure, my broker does state clearly in his memo, at the last minute, that I must make sure to adjust my trades for this unfortunate set of circumstances.

I am pretty sure that I will be busted come Monday. Not necessarily because my strategy fails but because my broker fails to provide efficient service.

Who knows ? I might survive the weekend and wake up with a big surprise come Monday.

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I have learnt alot from trading. Most of all I have learnt that a person is lucky if his passion is for prostitutes more than if his passion is for the financial markets.

I would like to think that a person can go to hell with a bunch of bankers or with a bunch of perverts and hookers. If god is a just judge he would never put bankers in the same dungeon as he would hookers and porn stars who at least have a little decency and respect for others.