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Looking at a longer time frame Williams %R , bullish momentum in silver is gaining ground. The last bullish move in silver confirmed the double bottom . The recent pullback in silver has left a very nice looking reversal formation inverted head and shoulders . The VWMAs are consolidating for what I suspect will be a nice move in silver . I have a target near 18.90 with a stop 14.80.
Buy above white
Where to buy depends on the trader. Some prefer to wait for conformation. I like to buy when indicators are in the oversold condition.
I like to buy on the bottom of the reversal structure itself or on the bottom of retracement following confirmation. These are my favorite entries.
2use littleriver
The bottom of the reversal structure - isn't it a post factum, i mean the structure has to form. and once it does, the bottom has been in play. One cant buy on the bottom (well, only speculated bottom, but not confirmed) before it happened.
True . That is exactly what we have with the dollar this morning. All trades are based on an expected move. Thus, all trades are speculation. Depending on one's tolerance for risk will determine one's entry. I like oversold entries on what i see as the bottom of reversal structure. Many prefer to buy after the break.
2use littleriver
its all about risk, the same with fakeouts, and ERs. You can even be right, but the market will be irrational. On the other hand, once it is confirmed, it may be kinda late (although like some stocks you showed to me, they can run to the sky for a year or more:)
Discernment is the toughest part of the game. I am very much still learning myself. There are many ways to play as well from riding strong trends to catching strong reversals and many others. Because of fakeouts/ whipsaws, I like buying the oversold condition. They occur often after breakout but are not limited to. Besides, retracement is a natural site after a confirmed breakout. I am avoiding this by entering early and will often be exiting my trade as others are entering.
2use littleriver
lets take a case. If you suspect a reversal, but you dont see a bottom yet, they say buy the fear. But will you buy on a red day with no confirmed bottom? Or on a green day?
Also, do you buy after a confirmation on the fibs, or prefer any fib level to buy automatically on any bounce off of it?
I never buy just because something is in the red. I need evidence or cause that a reversal is imminent. A double bottom/ top for me is a good place to start. But that alone is not enough. I have indicators, like most traders, that i use to help strengthen my conviction for a trade. Only after price action along with indicators are convincing do I consider a trade.
2use littleriver
On which timeframes do you check before buying in? Is it the daily one that is the most important? Or you look for intraday, and 1-4h setups as well to enter?
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