Silver: Bullish Butterfly/AB=CD Pattern w/ Divergence
I will need to double-check RSI before entering...and also make sure there are no strong bearish candles prior to the completion point. Even better, I may wait for price to show it respects the the zone and re-test.
In my mind small patterns are less reliable but this seems like an great opportunity to try and long silver with only a few pips risk and possibly catch a ride on a longer term movement which a lot of people, including myself, seem to be expecting.
What do you think? Any comments/feedback on this idea or your own views on Silver are welcome and appreciated!
In my mind small patterns are less reliable but this seems like an great opportunity to try and long silver with only a few pips risk and possibly catch a ride on a longer term movement which a lot of people, including myself, seem to be expecting.
What do you think? Any comments/feedback on this idea or your own views on Silver are welcome and appreciated!
Trade active:
I don't know if you'll believe me, but I placed an order before bed to enter at 16.155 with 3 cents risk. It was picked up, and not stopped out...got lucky again. Based on what I have learned I know I really shouldn't use limit orders for the butterfly , but I guess with 3 pip risk I thought the risk was worth the reward.
Stops are now moved to my entry price, 16.155. If I get stopped out but price stays above 16.13 I will look to re-enter again with my stops 16.125
Stops are now moved to my entry price, 16.155. If I get stopped out but price stays above 16.13 I will look to re-enter again with my stops 16.125
Comment:
Trade closed: stop reached:
Stop reached on my second attempt and has invalidated this pattern. Now on the sidelines in silver, perhaps looking to the completion of the large bat pattern on the daily