As mentioned the day prior, Thursday had a tighter range than Wednesday and continued the downward trend. This is also the other big lesson in short term trading, be sure to be aware of the longer term trend of the market.

Catching longer term trends like selling the open of Monday to the end of the week is a more profitable move than being spot on about any of the inner swings within the week.

So far in the week the price movement in Silver has lined up pretty well with a down week having a large range day on Wednesday.

As Tuesday was slightly down instead of rallying, and Wednesday dropped off later in the day. Typically this type of week has its largest ranges on Monday and Wednesday. Thursday and Friday can continue downtrends, but tend to be smaller ranges.

For longer term planning, Mondays following this type of week tend to have a continuation of downward movement. For those looking for a rally, Tuesdays also setup for the best candidate. This scenario is detailed in our member’s area here: Silver After a Down Week with a Large Range Wednesday.

Silver has a tendency to rally on Tuesdays after a week of steadily down days. And while this week didn’t have one this week, it can pay to be aware of this pattern:

It can be even more prominent if the largest range of the previous down week is Tuesday as well.

Without a rally on Tuesday current price movement has been more similar to a flat week, with Monday declining into choppy trading the rest of the week.