Silver@ Harmonic Patterns Completion To Complete a WXYXZ Pattern

FX:XAGUSD   Silver / U.S. Dollar
Looking at silver             we can see that a bearish butterfly and a bearish deep crab harmonic pattern have completed in with their D points at the upper trendline of rising channel . In the channel we have 4 of 5 corrective waves (WXYXZ) completed and there is a great possibility that these two harmonic will push price down in order to have the last Z wave completed.

A good confirmation is that RSI is extremely overbought.

As usual i will trade this set up, entering the market with two position. SL and PT as shown at the chart. If price reaches the first one i will move SL to breakeven at the second one.

Like and comment,
Trade closed: target reached: That was so fast.. Move stoploss to breakeven.
Trade closed: target reached: Fastest profit ever.!!!
I hope you trailed that monster win.
No Ivan, i took profit right there at my targets.. I was waiting that XZ final wave to push price higher.. I watch silver very closely right now.. I think its about to skyrocket..
IvanLabrie PRO Fxprotrader
It's at an interesting level for sure but I'd wait before opening longs personally.
+1 Reply
To be honest one of the reason i took profit is beacause of that 3:1 r/r ratio which is just fine.. Thanks for coming by..
+1 Reply
IvanLabrie PRO Fxprotrader
Yes, more than enough, just keep it in mind for next trades. Trailing and adding is a good practice, but hard to do emotionally.
I almost do add and trail Ivan.. I thought you asked me about this silver setup..! Thanks for the tip though.
+1 Reply
Hey John! Can the W be at the Top by any chance?
Fxprotrader PRO morshedul.sazid
No, w is the first wave of that correction. So if we have a impulsive upmove, w is the first wave down..
morshedul.sazid Fxprotrader
Understood mate. Thanks. We need to have an impulse first in order to draw the 5 wave corrective structure.
+1 Reply
Hi John, well spotted and good luck.

In addition to your excellent reasoning the entry point is bang on an R2 pivot point. Just wondering how you feel about entering the trade before the FOMC, though, or is that something you don't worry about.
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