tntsunrise
Short

Good Opportunity for Silver.

FX:XAGUSD   Silver/U.S. Dollar
8200 39 162
SILVER             TOUCHED 1.618
It's good to short silver             at this zone.

as long as 20.70 is not broken
you can keep this short trade.

Very big room for target.
Caution:
This is a counter trend trade,
For trending trader please kindly ignore.
Buy Low, Sell High.
If you agree with this logic, you can join the
Sell High now.
Comment: Now is 20.04, very nice drop
Comment: a very bearish bar formed. broke 20.25 support. this is a good sign for sellers.
Comment:
snapshot
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what is act of fibo bro?
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Very nice risk/reward ratio here. Personally I'd wait for bearish divergence for this kind of trade. :)
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So as long as 20.70 is not broken back up... this is short ... right ?
+1 Reply
What do you think of gold? Thanks
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Is the trade still valid ? Because it broke 20.70
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msagban Anthony12
I think by break they mean a candle should close on top of that line? Not sure, new to trading but that's what I've learned. I think it only "tested" the 20.70 and did not break it?
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Thank you. Iam sell XAG price 20,5$
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There is a very big move in silver overnight. Surprising that gold is not at a new high as yet, though it is now close. Silver daily RSI was at 83 on Friday so it was already getting overbought. It should be close to ending a 5 wave advance from the June bottom. This maybe considered a 3rd wave and we would then complete wave (1) of 3 here. Important swing levels on weekly charts are at 18.48$ and 21.50$.
+1 Reply
I was seeing the same thing it could be the end of wave 5 then down to a strong abc
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Hi Jack, I did see that big drop right before markets closed to finish at 20.04 but is that valid? I am seeing a higher spot price on other sources...
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This is a beautiful chart! Thanks for sharing. I am concerned about the bull pennant formation forming on the 15m, but could you please convince me that this is nothing to be concerned about? I like how it dropped before the close at 1 to 20.04, very nice!
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itrade9s ChargingBull
I see 20.04 price here but I also see a canadian ETF that tracks price of silver that is not reflecting that big drop last minute, something is not right...
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We could see 19's by the end of this week.
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But 20.70 WAS broken
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yeocs93 bloodbath
I am curious too. 20.7 was broken, is it still valid?
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Hi, Can you explain your logic behind your fibs retracement. I can understand you retrace wave 5 form 1 of the last Elliot wave formation and play the first 1,618 fibs extension but I would be interested to know how your draw it.

Thanks
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tntsunrise TOP TheDayTradr
this is not retracement, but extention
+1 Reply
Love this chart, I agree with your point of view. Silver has been rally for a while, should be a retrace to 18 or 19.
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Hi Jack, i entered this trade too, i am just wondering what is your profit target for this trade?
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already in the chart
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I'm with you Jack from 20.55
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Good trade, very simple!
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I'm in :D
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I am but it seems to be forming a support at the 786 retracement.. would you say we should take partial profit?

snapshot
+2 Reply
Im in for 18.00
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I am in the trade. looking for 18.50
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I am in the trade, good call Jack!
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I'm in this trade, looking at take profit at 18.00. Optimistic about this one.
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YES, Many thanks Jack! You said to take profit at 18. better take half of it at 19? Thanks
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Yes! I'm all in! Great call Jack!
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Maybe it's forming a flag?

snapshot
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What do you guys think, are you still in this trade? I have personally exited for now, but I considering re-entering as 20.7 is still not broken.
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Its good time to enter now? or its over?
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Jack, is there any opportunity to re-enter? Thanks in advance
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are you still in this trade jack it looks to have changed direction
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DO you think we will test high again? Or is this the beginning of the fall?
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I believe this is still valid
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