A nice swing long setup has occurred in First Majestic Silver Corp. I bought this stock this morning in my personal trading account.
First Majestic Silver Corp Chart
This is a very risky trade because we are trying to time a V bottom bounce which is a very dangerous strategy but one that is necessary for swing trading.
Looking at the hourly chart below, you can better see what the goal of the trade in First Majestic Silver Corp is:
The real danger in being in mining stocks for too long is if the US dollar rises. A rising US dollar puts a headwind against precious metals and mining companies. For this reason I think you have to keep this a short-term swing trade.
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