SLV
patience grasshopper
It's not the perfect start that everyone hopes for, but it's a start.
It would have been great if price could jump over two moving averages in one day and continue on, but it's not very common.
Not only do historical concentrations of price reversals create Support/Resistance (SR) levels, crossings of Moving Averages (MAs) are also SR events. And for that reason they both often happen very near the same price levels.
Yesterday's candle had a Higher High (HH) and a Higher Low (HL), so that changes the daily trend from down to up. No reason to panic, and now waiting for a Close price above SMA(8) followed by SMA(3) crossing over SMA(8).
So far today, price is trying to hold SMA(3) as support. Also, SMA(3) is at the point where it is also testing SMA(8). So that crossover mentioned above could happen today, and I am anticipating that it will because yesterday was so strong.
From my perspective, this price action is still looking considerably better than the one of last July which took place at this same level, yet that older one pulled out of its testing process and went considerably higher, and that result is what I'm expecting from this trade and I left plenty of time in my option's expiration date selection for all of this to take place.
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