{"id":11100,"date":"2011-04-26T00:01:30","date_gmt":"2011-04-26T04:01:30","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=11100"},"modified":"2011-04-26T00:01:30","modified_gmt":"2011-04-26T04:01:30","slug":"my-first-time","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/my-first-time","title":{"rendered":"My First Time"},"content":{"rendered":"<p>Today was the first time I have ever traded SLV. \u00a0Or at least I cannot recall trading it previously. \u00a0In the past week<a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/04\/slv-long-term-april-25th.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-11117\" title=\"slv long term april 25th\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/04\/slv-long-term-april-25th-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/04\/slv-long-term-april-25th-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/04\/slv-long-term-april-25th.png 650w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a> I have read several blogs and watched a couple of videos related to the monster run that silver is on. \u00a0After the close today I interviewed some kid for the desk who asked me when this &#8220;bubble&#8221; in silver would end (fyi: i told him i was not qualified to answer that question nor did i care as a short term trader).<\/p>\n<p>Four days each week I run the SMB AM Meeting where we discuss the &#8220;stocks in play&#8221;. \u00a0It has been blogged about ad infinitum as to why we trade these stocks. \u00a0Just google it if you are interested (notice that I used &#8220;google&#8221; as a verb potentially weakening Google&#8217;s trademark). \u00a0I almost never discuss commodities. \u00a0This is partly because commodity stocks in general don&#8217;t trade very cleanly intraday, but this is also because despite the monster runs in gold and silver these stocks are not In Play that often. \u00a0But today was different.<\/p>\n<p>When I sat down at my trading station at 8:00AM SLV had already erased over one point of a 2.5 point overnight gap. \u00a0The stars were aligned for SLV to offer some great risk\/reward trades today. \u00a0With the accelerating uptrend line in place, with a large overnight gap, with the blogosphere inundated with discussion there most likely was going to be a sh*t ton of action in SLV. \u00a0Joe &#8220;I hate active traders&#8221; Saluzzi (@JoeSaluzzi) even tweeted how crazy the volume was in SLV compared to the SPY QQQ and IWM today.<\/p>\n<p>My &#8220;Spencer Sensor&#8221; had been fully activated and was ready to focus primarily on trading SLV. \u00a0I shorted a small position around 46.80 in the pre-market and then went in to start the AM Meeting. \u00a0I skipped over the Big Picture where I normally give a quick blurb about world markets and discuss recent SPY action. \u00a0I just wanted to start talking about SLV. \u00a0We had two key levels to watch. \u00a047.30 where SLV had attempted to rally to in the pre-market and failed and 46.60 which was the pre-market low.<\/p>\n<p>As the market opened I shorted some more SLV at 46.94 as there was quite a bit of selling pressure below 47. \u00a0I called out this info to those on our desk. \u00a0SLV quickly dropped to pre-market support. \u00a0When it retraced back up to 46.80 and was having trouble I added some size. \u00a0I placed my stop above 46.85 and then waited for the next down wave.<\/p>\n<p>Once we cracked the pre-market low I knew we had a shot at 44.60 where it had spent quite a bit of time consolidating last Thursday. \u00a0The basic reason for this is human psychology. \u00a0Everyone is a hero when they see SLV gapping higher in the pre-market. \u00a0Its all &#8220;Buy Buy Buy&#8221; as Cramer likes to say. \u00a0But the moment they see it drop the pre-market low they all run for the exits as they know the stock has just made a ridiculous run and they don&#8217;t want to be the one&#8217;s caught long into a monster down move.<\/p>\n<p>I got flat my short into the panic down move through 44.60. \u00a0I even got momentarily long to take advantage of all those who shorted into the panic down and invariably would squeeze it higher. \u00a0But alas I sold my long almost instantaneously for a small chop and called it a day. \u00a0It was as much fun as I&#8217;ve had trading a stock since August of 2009 when AIG was printing money each day.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/04\/slv-intraday-april-25th.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11118\" title=\"slv intraday april 25th\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/04\/slv-intraday-april-25th.png\" alt=\"\" width=\"520\" height=\"364\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/04\/slv-intraday-april-25th.png 650w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/04\/slv-intraday-april-25th-300x210.png 300w\" sizes=\"auto, (max-width: 520px) 100vw, 520px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today was the first time I have ever traded SLV. \u00a0Or at least I cannot recall trading it previously. \u00a0In the past week I have read several blogs and watched a couple of videos related to the monster run that silver is on. \u00a0After the close today I interviewed some kid for the desk who asked me when this &#8220;bubble&#8221; &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/my-first-time\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8,456],"tags":[],"class_list":["post-11100","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-trader_development","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>My First Time | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/my-first-time\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"My First Time | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Today was the first time I have ever traded SLV. \u00a0Or at least I cannot recall trading it previously. \u00a0In the past week I have read several blogs and watched a couple of videos related to the monster run that silver is on. \u00a0After the close today I interviewed some kid for the desk who asked me when this &#8220;bubble&#8221; ... 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