Upwards trendline close by (bullish confluence factor)
6K long position decrease for the USD (bullish confluence factor)
Stay Safe - The JPI Team Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We any comments at all so thank you!
Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Trade active
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Our entry criteria has been met and our order has been filled. We are long on Silver looking for the USD to continue to weaken which would push price higher on Silver.
Trade closed: stop reached
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Trade Closed (-1R) Lost After Trade Comments: This was a hard trade for us to watch as price tagged us in and then went straight up, getting very close to our take profit however as already mentioned today, we had some USD strength come in which pushed price down, eventually hitting our stop loss. This just goes to show what we mentioned earlier today about not getting ahead of yourself and waiting for the trade to close before you class it as a win or a loss. Remember you put your take profit and stop loss where you did for a reason. Our analysis was exactly to plan but price just didn't go in our favour which happens sometimes. You can't win them all! Even with these losses we've take today we're still in profit as we had 2 winners earlier today. This goes to show that you don't need a high win rate if you had a high average RR. As long as your wins outweigh your losses you will be profitable. Remember to focus on the bigger picture!
Thanks for sharing your opinion with us; Let's see what will happen
jpeacockfx
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@melikatrader94, You're more then welcome and yes only time will tell. Best of luck!
RLinda
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Great look at the situation with a good description! From a professional point of view it would be interesting to know in what order, what steps you use when analyzing an asset)
jpeacockfx
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@RLinda, Thanks for the support and the comment. Personally we look for trending markets, then key levels, followed by added confluences and then finally the fundamentals. If you want to know more then please feel free to contact us!