Working a New Trade; Chess Moves

I just went long USLV, the triple-long silver ETF, at $24.49 with a protective stop-loss below $23. This is roughly a 4% position in my trading portfolio.

As I discussed in my last blog post, silver is leading the charge higher in the precious metals and mining space today. 

Into the long holiday weekend, with markets closed on Monday for Presidents' Day, I am taking a shot that the breakout I highlighted previously will hold true next week. You can see for yourself on the updated ETF daily chart that the right blue lines show a multi-week falling wedge consolidation.

As you can see, my stop-loss is very much sticking to my no-nonsense approach of dealing with these highly-levered ETFs. If I am correct then a gap higher should more than take care of itself for the win, but managing the losers is key to making the wins worthwhile beyond bragging rights.