When we have a look at the chart we can see that Silver has been struggling to go below the 23.7 level for a while now. So this is the reason why I would consider to go long on it for now. The thing that we need to keep in mind is that there are a lot of people going long on Silver at the moment so we need to make sure that out SL is low enough so that we don't get stopped out when there is some SL hunting going on.
If you like the idea don't forget to give it a like than Feel free to share your idea for Silver in the comments below If you have any questions, feel free to PM me.
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Trade was close to hitting SL but because we got a good SL point it was not hit. Trade running good for now. As said it could take a while before we get to see a TP hit so I will keep this updated every week until we get a SL or TP hit.
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Trade is going good for now. Will update this trade on Sunday with some more charts in the lower time frame If you want to be save you can already put your SL at the breakeven point and just let it run.
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Trade did not really move this week. To be save for now I will put my SL at my breakeven point and let it just run. We first need to see a break of the resistance zone before we can get a TP hit for this trade. If the trade is not able to break the resistance zone next week than I will be looking to maybe close it because of the strength of the resistance zone. Will update this with a chart today or on Sunday.
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So when we look at the chart below we can see that the price has been ranging for about 2 weeks now. I think that this week will be very important to see what Silver will do. If we get a break of the support zone I would be tempting to close the trade and look for another setup. If we get a break of the resistance than I would just let it run because I think that once we get the break it should not take long before we get a TP hit.
Will be looking at this chart everyday and will update it when I feel like that is needed.
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Trade is going good. Going to see what I want to do with this trade. Could be that I take profit right before the closing of the week because the trade is almost at the take profit level and it would be very annoying to lose it now. If you are in this trade please make sure that your SL is at your break-even level and keep in mind when you put your SL at your break-even that you also calculate the swap fees that can be there because you kept the trade open for a few weeks.
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Still waiting for the break so as long as that does not happen there is not much to say.
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Please make sure that your sl is at break-even because we are going to get the NFP reports this week and that could be very volatile for silver.
People appear to be dumping the worthless paper silver and acquiring physical silver instead. The paper prices will continue to go down as people take delivery of the real thing.
MaBaCapital2
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@Corowin, Do not know how many people are actually buying physical Silver at the moment but from what I can see is that there are a lot of people going long on Silver for the moment.
It could be that it will go down because once I get a SL hit and the volume is good below the 23,7 level I will also be looking for shorts. But for now I am sticking to my long setup.
Corowin
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@Balte, you should check out the sales reports at the major mints. Even the smaller ones. Mexico suspended minting. Perth appears to be on the verge of default. Inventory is being purchased as fast as they can mint it. Supply and demand is going to bite allot of paper traders in the behind. Good luck and may the odds be in your favor.
MaBaCapital2
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@Corowin, Okay I will looking into that. If it is as you say than it should not be a problem to break the support zone and give me a good setup to go short on Silver than.
Corowin
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@Balte, I just figured a better picture might format if you take the physical markets into account. Have a good day.