Silver has broken out of 4hr wedge, and heading higher?
Silver has been consolidating at a key historical pivot level (18.500) for the past week while traders decide which way the metal will go next.
Yesterday price broke out of the wedge consolidation to the upside. I'll wait for a retrace back to support before entering a long position. It was also a 50% retrace of the previous move higher.
With the US elections and the political uncertainty that comes with such an event, I will keep a close eye on silver and gold in the coming weeks.
4hr Chart Breakout
Yesterday price broke out of the wedge consolidation to the upside. I'll wait for a retrace back to support before entering a long position. It was also a 50% retrace of the previous move higher.
With the US elections and the political uncertainty that comes with such an event, I will keep a close eye on silver and gold in the coming weeks.
4hr Chart Breakout
Trade active:
As there could be a pullback during the NFP, I've taken 2 positions. One (70% or risk) at market so that I definitely get in on the move, and another limit order (30% risk) placed just above the major support at 18.86, offering double the R/R IF it gets triggered.
Comment:
Comment:
Price pushed much higher after NFP up 530pips. Unfortunately price didn't retrace back far enough to trigger my second order, but still it was a good idea. If I hadn't been quite so greedy and only aimed for half the distance, it would have worked perfectly.
Hold open for further upside next week.
Hold open for further upside next week.
Trade closed: target reached:
Nice trade. Should have entered the full 100% risk for more profit. Could have got a better R/R too, but the wide SL seemed prudent for a trade during NFP.