Well your silver long position closed at pretty much what they were selling for on teh day you initiated your straddle, which turned out to be only a long position I guess. If you go and review the "inital" trade I posted on Th, teh day before you initiated your trade, you will see that I logged in a very short term trade (SLV to $16 by 7/7 expiry via the call contracts that were at .09 market at the time), and then later I also initiated a longer term trade to $16 by 7/21 in SLV for .13 per contract. Both of those trades were initiated even though SLV didn't quite generate a proper short term buy singal. Butt! I was confident enough in it that I figgured at least one would pay off nicely. The short term trade took on water to having me down 33% at one point. That actually made it easier to initiate the longer term trade. I don't get scared...I get even or better. :-) Anyway, the Mon gapdown set some "ominous" signals on teh chart. I believe that the overnight trading low on SLV of 15.40 will be taken out. That low won't even show up on the follow chart I will link. But it's there. This is why I banked 2 nice gains and I posted the exits 'live!" as I made the trades. Nice trades of +40% and +75% for holding for 5 days basically. Since I still have the open GDX long trade that I posted at my blog...and SLV today signaled its second consecutive short term sell order in 2 days, it looked like the perfect time to hedge. I could have done a tad better with my exit on the SLV $16 calls at both expiration dates. But since I entered the short trade at basically the high of the day (as outlined in my new SLV trade blog), I felt I made up for the chips I left on the table with a little better entry on the short then if I just jumped in "haphazardly." I have til the 7th of July and I am "pretty sure" SLV will see at least 15.60 by then. The trade cost .22 per contract. So SLV basically needs to drop below 15.70 and if it does it quickly this trade will double. So it was "hedging"...but I did it a tad differently than you maybe would do it. What can I say? I'm a eunuch. :-)
Here's the SLV chart and the Mon open is the focal point. It "actually" traded looower than the low on this 5 day chart. The "target" low is 15.40 and therefore I would not even personally consider a new long trade until that number is taken out.
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