FX:XAGUSD   Silver / U.S. Dollar
I just saw that it had been 7 weeks straight down and I shorted at f6 retracement. Week by week the trend had been very stable but the moment I shorted price shot up. Will monitor and see.
Indeed , I had been pumped and dumped, and it was real hard to take this loss as day did not close above the SL identified. Price, however did reached the eventual TP.
JamesPowell nakedchartist
Why don't you short it? The long term trend is down anyway.
JamesPowell JamesPowell
I mean why not wait for a good bounce and try again....you are correct the trend is down so a short as you have shown is the best play. Only this time wait for a rally and short it from the rally.
nakedchartist JamesPowell
thx James for the kind advice. Indeed it is obvious that this chart is a downtrend. It will not be difficult to enter a very small position and then look to ride without fearing for volatility. The issues comes if one wishes to look for higher rewards by entering a larger position. That means identifying a stronger confluence of resistance in order to minimize risk, but also a higher chance of getting stopped out with smaller pips for SL. To survive this trade, I could have, should have, downsized to afford more spaces for volatility. Of course, I am still looking for the next rally to get in, since USD is strong at the moment.
JamesPowell nakedchartist
Well that red line on your chart should serve as good resistance, maybe you can get in there. Have you considered is there an etf like the one for gold which you can purchase options on? That would give you some extra leverage.
nakedchartist JamesPowell
the trend had been very stable, week to week it has been down. If price was to revisit that red line, I might not be that interested anymore. I believe u r referring to buy put options. I am currently using spot forex to short metals.
and so i am part of the pump and dump by market movers. trend was correct, but unfortunately my SL was not good enough to survive the shakeout. Will have to work on them. it's either more precision or decreasing positions size so as to cushion the paper drawdown.
try and find a member on here name Kate25 she is a master at fibs and she knows i tiny little secret most folks are not aware of. I bet she can help you a little bit.
nakedchartist JamesPowell
thx James for being so willing to share. Will check it out as recommended.
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