Silver got a strong close above 17.80, which was a point to look for according to my cycles. It is on a BUY signal and the cycle is up until the 27th of July. Furthermore, following my observation using studies of William Gann - Silver never traded on a bearish price angle since the March crash, which is important to keep in mind.
In the last trade I made a crucial mistake with my sell stop and it was caught exactly and the price didn't go any lower, this is typical for Silver traders to have their stops caught this easily, since the market (these days especially) is very volatile and experiences periodic washouts without influencing the main trend.
We can expect the price to reach 18.60 by tomorrow, 19.0 by the end of this week and 20.50 in the period of the next two weeks. Also, once the price reaches 19.0 it will be safe to add on to your position, since it is an old high (once crossed much higher prices will be reached). The stop loss in this case is manual. However, a CLOSE below 17.55 will cancel the BUY signal (temporarily).
This idea will be updated and commented by me in case of adjustments. It will be closed once the PT is reached or once the BUY signal is cancelled.
If you have any comments/ideas/points of criticism - please do write it down below, I will be happy to discuss.
In the last trade I made a crucial mistake with my sell stop and it was caught exactly and the price didn't go any lower, this is typical for Silver traders to have their stops caught this easily, since the market (these days especially) is very volatile and experiences periodic washouts without influencing the main trend.
We can expect the price to reach 18.60 by tomorrow, 19.0 by the end of this week and 20.50 in the period of the next two weeks. Also, once the price reaches 19.0 it will be safe to add on to your position, since it is an old high (once crossed much higher prices will be reached). The stop loss in this case is manual. However, a CLOSE below 17.55 will cancel the BUY signal (temporarily).
This idea will be updated and commented by me in case of adjustments. It will be closed once the PT is reached or once the BUY signal is cancelled.
If you have any comments/ideas/points of criticism - please do write it down below, I will be happy to discuss.
Comment:
18.60 can be expected today.
Comment:
18.60 has been reached.
Trade active:
Place a buy stop around 19.05.
Comment:
Please bear in mind that we are still trading the September futures which was the next contract in front until yesterday.
Trade active:
Silver continues on a buy signal.
Trade active:
Buy stop at 19.05 has been activated. Silver is a little late on the target but not significantly.
Trade active:
Silver showing volatility, regular behaviour - nothing new and special. The buy signal continues as long as there is no close below 17.5. There will be no close below 17.5.
Trade active:
!IMPORTANT NOTICE!
Dear traders, some important fundamentals came into my sight this morning regarding silver, as well as a technical indication of an upcoming correction. It is not certain, but I strongly recommend you to close at least HALF of your position, since it is very likely that we will get one more buying opportunity. If I am not right - we will still have the other half. Furthermore, we are still keeping the XAU/XAG position opened at 100 - it is unlikely to come back to those figures even in a case of a correction, since Gold will pull Silver back in this case. That is why it is recommend to take the XAU/XAG position at levels above 98 to protect your longs in either gold or silver. I will keep you updated.
Have a great weekend!
Dear traders, some important fundamentals came into my sight this morning regarding silver, as well as a technical indication of an upcoming correction. It is not certain, but I strongly recommend you to close at least HALF of your position, since it is very likely that we will get one more buying opportunity. If I am not right - we will still have the other half. Furthermore, we are still keeping the XAU/XAG position opened at 100 - it is unlikely to come back to those figures even in a case of a correction, since Gold will pull Silver back in this case. That is why it is recommend to take the XAU/XAG position at levels above 98 to protect your longs in either gold or silver. I will keep you updated.
Have a great weekend!
Comment:
Prospect target of 20.50 is still maintained*
Trade active:
Double top pattern is forming, place your BUY limit orders:
18.50 (December futures)
18.35 (September futures).
As mentioned - I could very likely be mistaken about the upcoming correction, that is why we kept half of our position and profits were fixed on the other half for a chance of better entry. Target is still 20.50 and we continue to observe.
18.50 (December futures)
18.35 (September futures).
As mentioned - I could very likely be mistaken about the upcoming correction, that is why we kept half of our position and profits were fixed on the other half for a chance of better entry. Target is still 20.50 and we continue to observe.
Trade active:
Note change:
*18.70 (December futures)
*18.55 (September futures).
Cycles, however, do not project much downside - a correction towards 19.0 (September contract), 19.15 (December contract) is much more likely and that is about 20 cents below our exit, therefore an entry can be made there.
*18.70 (December futures)
*18.55 (September futures).
Cycles, however, do not project much downside - a correction towards 19.0 (September contract), 19.15 (December contract) is much more likely and that is about 20 cents below our exit, therefore an entry can be made there.
Comment:
Silver looking extremely strong, it is now in the consolidation phase before the final up-move. Limit orders are placed but are unlikely to be executed. Congrats to everyone who took this seemingly obvious opportunity.
Trade active:
Silver basically reached to our price target but cycles are up until 27th July, therefore higher prices could be reached. Close half of your left position and close the other half once XAUXAG passes 88.9. This trade is finally closed.
Trade closed: target reached:
Markets don't move at random.
