Is Silver the New Gold? 🥈🥇 | SILVER ($SILVER)
🆙 Silver has been on the move after lagging behind Gold. While recent Silver and Gold moves look similar, the percentage move has been notably better for Silver. It could be a response to COVID, it could be the riots, or it could just be the continued strength in Gold that has Silver on the move, whatever the reason, the chart looks great. So, let's look at some long setups.
Resource: www.marketwatch.com/...-on-china-2020-05-29 + apnews.com/37d16fa47...bc13e12552eb8516cc61
✨ Drop a comment asking for an update, we do NEW setups every day! ✨
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1. Fractal Trend is showing an uptrend (Aqua colored bars) on the 1-hour timeframe that largely started off with the ABC "FOMO" move illustrated on the chart.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua colored lines) and/or bullish S/R levels plotted by Directional Bias (Aqua colored lines).
3. The first play here is to take a long position at the S1 bullish orderblock with a target of the R1 bearish orderblock. Our stop loss for this move is placed tightly below the entry and above S2. The logic here is that we expect similar price action as the previous ABC move found on the chart where the first pullback should be a shallow one before moving higher to test resistance.
4. The second play here is a retest of the S2 bullish S/R flip and orderblock cluster during an expected correction for Silver that we expect to occur after resistance is met and after our first profit target is hit. Again, we are looking at past price action to get a sense of what to expect, but are using the current support and resistance levels and the trend. Here we have simply placed our stop below S2, as a move below S2 compromises the trend.
Shine on Silver!
Resource: www.marketwatch.com/...-on-china-2020-05-29 + apnews.com/37d16fa47...bc13e12552eb8516cc61
✨ Drop a comment asking for an update, we do NEW setups every day! ✨
Like, Comment & Follow to help the community grow 🎉🎉
---
1. Fractal Trend is showing an uptrend (Aqua colored bars) on the 1-hour timeframe that largely started off with the ABC "FOMO" move illustrated on the chart.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua colored lines) and/or bullish S/R levels plotted by Directional Bias (Aqua colored lines).
3. The first play here is to take a long position at the S1 bullish orderblock with a target of the R1 bearish orderblock. Our stop loss for this move is placed tightly below the entry and above S2. The logic here is that we expect similar price action as the previous ABC move found on the chart where the first pullback should be a shallow one before moving higher to test resistance.
4. The second play here is a retest of the S2 bullish S/R flip and orderblock cluster during an expected correction for Silver that we expect to occur after resistance is met and after our first profit target is hit. Again, we are looking at past price action to get a sense of what to expect, but are using the current support and resistance levels and the trend. Here we have simply placed our stop below S2, as a move below S2 compromises the trend.
Shine on Silver!
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