Nesting Sharks, 5-0 Patterns w/ Ichimoku & Fibonacci Confluences
So I have been having a pretty good day and might be pushing my luck here but -- this is what I am watching for on Silver for the next 1-2 days (or until proven wrong, anyway).
I am already short based on the near-completion of a much larger bearish 5-0 pattern (idea shared by @pixi -- thanks!). I have now identified two bullish sharks, both of which, if successful, will lead to bearish 5-0 patterns and continue in the direction of my current bias.
Interestingly there is support from the Ichimoku Cloud indicator at the completion of both of these sharks -- the 4H Kijun Sen lies at the PRZ of the baby shark and the SSB is right around the PRZ of the larger. In addition, the baby shark completes right in the area of the .382 retracement of Silver's recent bullish move from ~$16, while the larger completes almost right at the .618. Very cool.
*It is always advisable to watch the price action in these PRZs before taking the pattern so I will be doing so on the lower time frames to decide whether I want to close the shorts and switch to longs at these points.*
If you have any comments or feedback on this idea, or your own view of Silver, please share it!
I am already short based on the near-completion of a much larger bearish 5-0 pattern (idea shared by @pixi -- thanks!). I have now identified two bullish sharks, both of which, if successful, will lead to bearish 5-0 patterns and continue in the direction of my current bias.
Interestingly there is support from the Ichimoku Cloud indicator at the completion of both of these sharks -- the 4H Kijun Sen lies at the PRZ of the baby shark and the SSB is right around the PRZ of the larger. In addition, the baby shark completes right in the area of the .382 retracement of Silver's recent bullish move from ~$16, while the larger completes almost right at the .618. Very cool.
*It is always advisable to watch the price action in these PRZs before taking the pattern so I will be doing so on the lower time frames to decide whether I want to close the shorts and switch to longs at these points.*
If you have any comments or feedback on this idea, or your own view of Silver, please share it!
Comment:
If weakness in this zone then I will short with stops above this high. If not will try and stay patient...FOMC in 5 minutes and it could get crazy!
If weakness in this zone then I will short with stops above this high. If not will try and stay patient...FOMC in 5 minutes and it could get crazy!
Trade active:
It didn't make it to my shorting zone but I just entered at 17.155, the .618 of the last move down from the recent top @ 17.305.
I will now be watching watching to see if this view plays itself out and look to switch to long there.
It didn't make it to my shorting zone but I just entered at 17.155, the .618 of the last move down from the recent top @ 17.305.
I will now be watching watching to see if this view plays itself out and look to switch to long there.
Order cancelled:
Nothing played out here...too bad, it was a fun chart. Will update when I create a new idea for silver .
Updated view on 15 minute chart