BEI
Long

Triangle experiment with idea from Index chatroom -SLV

BATS:SLV   ISHARES SILVER TRUST
174 2 0
Since my last analysis on metals some of the recent movements disturbed me because of today's session. There was no continuation on the hanging man candle formation last week, supposing a bullish sign and triggering my buy order in addition to my previous analysis.

I decided to experiment this triangle formation i saw on the chat earlier. I don't know if i am doing this right but this aligns perfectly, i think.

These are my conclusions :

-Fibonacci level 17.86 is very important support, if prices break this level price should go lower.
this price level area has two trendline supports, reinforcing signal

-Green boxes on chart is showing where prices broke triangle and came back just after (headfakes) in order to play out some trendline/MA testing regardless of triangles

-Blue circle shows a similar configuration, supposing unless prices break trendline , they could come back up in triangle

-Analysis on GLD             is very similar but doesn't have any Fibonacci retracement with previous all time lows, but rather with highs. pointing more downside move until 111.47 -112

My personal conclusion is i am trusting SLV             analysis and until prices don't go lower than 17.86 area i will stay in. This has been falling so hard that at this pace it either goes to 11.5 next week or rebounds on short term period to 20 - 21 at least. so if it goes lower i will average in. I don't recommend anybody to do that if risk is too high.

If you want to be 100% secure, just wait for RSI trendline break , with maybe a backtest on that and get in for the long term, well until fibonacci levels get hit. But from a long term perspective my risk reward ratio is good and i can support max loss.

Good luck!
what bothers me most are Fibonacci levels, they only align with triangles with 18.89-19.08 $ and 11-12 $ levels on SLV, and prices are already supposing more down move. But again, this either loses 3-4 dollars a week (and i'll be surprised) or experiences rebound to first minor trendline.
Reply
if 17.86 fails i'll be watching this
snapshot
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out