Trade idea:
We have a resistance level sitting at 23.2 on the XAGUSD pair that should turn into a breakout level once it is broken. This is my trade plan:
- Short consolidation on LTF at around 23.2
- Break of 23.2 is my entry level
- Target 1 @ 23.6
- Potential Target 2 @ 23.9 if we see a clean break of 23.2 and a fast move to T1
- Stoploss @ 23.05
- Risk-to-Reward 1:2
We have a resistance level sitting at 23.2 on the XAGUSD pair that should turn into a breakout level once it is broken. This is my trade plan:
- Short consolidation on LTF at around 23.2
- Break of 23.2 is my entry level
- Target 1 @ 23.6
- Potential Target 2 @ 23.9 if we see a clean break of 23.2 and a fast move to T1
- Stoploss @ 23.05
- Risk-to-Reward 1:2
Comment:
Make sure to keep an eye on the dollar and gold if you are trading this
Comment:
Gold scratched the resistance level at 1930, Silver the next mover?
Comment:
DXY should move reversed to PM, if we see a sharp decline on dollar and we are at around entry, extra confirmation to trade
Comment:
This scenario makes sense when you look at major FX to dollar
Trade active:
I am long
Comment:
Bit of room on the trade, lets see how long it will take for this to be in the money
Comment:
DXY holding steady, hope we see a reversal soon and more influx on Gold
Comment:
So we should see some volume coming into precious metals soon, otherwise I will reduce my position and get the size in line with my risk.
Comment:
Very slow development so far, hope to see more action on this as we get nearer to CPI data release on wednesday
Comment:
Gold starting to edging higher, we should see silver make some try too
Comment:
So we are seeing some upside in PM as we get nearer to Stock open
Comment:
Gold looks sharp to breakout
Comment:
High open on SP 500
Order cancelled:
Closed long due to volatility, will try again once we appraoch resistance level
Comment:
Let us see if we get a second try on this today
Comment:
This trade idea is becoming active again as we are approaching crucial levels
Trade active:
Entered trade at 23.21
Comment:
The target area is 23.65
Comment:
Idea still active and trade still active
Comment:
Trade looking better and better
Comment:
Trade idea playing out well so far
Comment:
My plan is to take 75% of my profits at my T1
Comment:
If anyone is trading this with, please let me know what you are thinking of this trade setup and what your plans are!
Trade closed: target reached:
Closing trade here as we are heading into FOMC and good enough, near to T1, thanks for trading this with me!