GOOD PROFITS ON SILVER!BUT NOW WHAT?
Very good entry on this last counter leg bounce of silver.
A lot of traders ask me now what?
Now the current trend line on hourly chart has lust broken.You can wait for a re-test of the trend line nad short it.
Keep in mind that fundamentals stay unchanged supporting a price near 15$/OZ area.
TECHNICALLY
1.WE CAN SEE THE 61,8% FIB RETRACEMENT OF THE INITIAL DOWNTREND THAT PRICE TRIED AND COULDN'T CHANGE THE MID-TREND UP.
2.MARKET GEOMETRY MEANING THAT IF WE DO THE SAME PROCESS AS WE DID AT MY PREVIOUS ARTICLE WE COPY THE ED RED LINE AND WE TAKE THE E'D' RED LINE THAT OCCURS AND WE PLACE IT AT THE CURRENT BOUNCE.
3.THE PRICE LINE THAT OCCURS IS AROUND 15,300$/OZ AREA THAT IT HAPPENS TO BE THE TOP LINE OF THE DESCENDING MID-TERM CHANNEL.
4.WE HAVE RSI DIVERGENCE ALREADY ON 1H AND 4H CHARTS.
5.STOCHASTICS IN OVERBOUGHT AREA.
6.THE 15,300$/OZ IS ALSO THE 1,618% FIB EXTENSION OF THE LAST E'D' COUNTER TREND BOUNCE WE HAD.
7.AT 15,300$/OZ WE HAVE A STRONG RESISTANCE ALSO AND A BULLISH ADVANCE PATTERN COMPLETION WHICH I WILL POST A NEW ARTICLE SOON.
8.AS WE SEEN AT HISTORY PRICE AFTER EACH SELL-OF RALLY DIDN'T RETRACED ABOVE 88,6% FIB RETRACEMENT INCLUDING THE WICKS SO WE WILL PLACE THE BUY STOP ABOVE THIS AREA.
POSSIBLE TRADE:
FIRST TARGET AT 16,300$/OZ AT PREVIOUS LOW STRUCTURE AND 61,8% FIB RETRACEMENT OF THE UPWARD MOVE.
SECOND TARGET AT 15,300$/OZ AREA FOR THE REASONS MENTIONED ABOVE.
BUY STOP AT 18,100-18,500$/OZ DEPENDS ON RISK APETITE ABOVE PRECIOUS HIGHS AND ABOVE 78,6-88,6% FIB RETRACEMENT OF THE LAST COUNTER RALLY.
THANK YOU FOR SUPPORT!
HAPPY TRADING!
A lot of traders ask me now what?
Now the current trend line on hourly chart has lust broken.You can wait for a re-test of the trend line nad short it.
Keep in mind that fundamentals stay unchanged supporting a price near 15$/OZ area.
TECHNICALLY
1.WE CAN SEE THE 61,8% FIB RETRACEMENT OF THE INITIAL DOWNTREND THAT PRICE TRIED AND COULDN'T CHANGE THE MID-TREND UP.
2.MARKET GEOMETRY MEANING THAT IF WE DO THE SAME PROCESS AS WE DID AT MY PREVIOUS ARTICLE WE COPY THE ED RED LINE AND WE TAKE THE E'D' RED LINE THAT OCCURS AND WE PLACE IT AT THE CURRENT BOUNCE.
3.THE PRICE LINE THAT OCCURS IS AROUND 15,300$/OZ AREA THAT IT HAPPENS TO BE THE TOP LINE OF THE DESCENDING MID-TERM CHANNEL.
4.WE HAVE RSI DIVERGENCE ALREADY ON 1H AND 4H CHARTS.
5.STOCHASTICS IN OVERBOUGHT AREA.
6.THE 15,300$/OZ IS ALSO THE 1,618% FIB EXTENSION OF THE LAST E'D' COUNTER TREND BOUNCE WE HAD.
7.AT 15,300$/OZ WE HAVE A STRONG RESISTANCE ALSO AND A BULLISH ADVANCE PATTERN COMPLETION WHICH I WILL POST A NEW ARTICLE SOON.
8.AS WE SEEN AT HISTORY PRICE AFTER EACH SELL-OF RALLY DIDN'T RETRACED ABOVE 88,6% FIB RETRACEMENT INCLUDING THE WICKS SO WE WILL PLACE THE BUY STOP ABOVE THIS AREA.
POSSIBLE TRADE:
FIRST TARGET AT 16,300$/OZ AT PREVIOUS LOW STRUCTURE AND 61,8% FIB RETRACEMENT OF THE UPWARD MOVE.
SECOND TARGET AT 15,300$/OZ AREA FOR THE REASONS MENTIONED ABOVE.
BUY STOP AT 18,100-18,500$/OZ DEPENDS ON RISK APETITE ABOVE PRECIOUS HIGHS AND ABOVE 78,6-88,6% FIB RETRACEMENT OF THE LAST COUNTER RALLY.
THANK YOU FOR SUPPORT!
HAPPY TRADING!
Trade active
Comment:
It would be best to wait a re-test of the trend line broken on 1H it's more clear and better entry because as i said price always tried above 61.8% Fib retracements so be careful on your Stops because price may goes up to 18$/oz before really starts to retrace lower!
Comment:
As we see here on 4H chart trend line kept for the moment so we are not yet on short pistions! invst.ly/42t32
Comment:
On 1hr cgaqrt excuse me invst.ly/42t32
Comment:
Currently trying trend line on 1H chart once again..
Comment:
Currently trying trend line on 1H chart once again..
invst.ly/42z01
invst.ly/42z01
Trade active:
Isn't that beautiful to ride so accurately the silver?Happy profits traders.
Comment:
invst.ly/431ye Trend line broken on 1H chart trade is active if you didn't catch it wait for a re-test!
Trade active:
i love this market...
Comment:
500 HUNDRED PIPS and we continue..Love commodities..
Trade active
Trade active
Trade closed: target reached:
Isn't that beautiful?Some more profits on Silver and target T1 reached..
Comment:
Money in the bank..Second target reached..Thank you Silver!
