fxstudent299
Short

short Silver – sell, when everyone is bullish (but charts not)

FX:XAGUSD   Silver/U.S. Dollar
110 5 2
Trading setup: sell limit @15.95 , Risk-Reward = 3.00
SL@ 16.45 (-50), TP@ 14.45 (+150)
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- as most people are very bullish about silver             and gold             right now and most media (tv, newspaper, online) are writting about how good of investment it would be, I believe more realistic chance is on the downside

- short position opened today in the morning at 15.95 $

- there is a possibility of a double top (with Oct'2015 highs) and a strong divergence on MACD (not in chart)
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Disclaimer: There is a very high degree of risk involved in trading forex , trading on margin and trading at all. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Top Call. wELL DONE
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Thank you
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DownUnder fxstudent299
Waiting for your next call :-)
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DownUnder DownUnder
Lol TP is 14.45 I was reading 15.45. So do you think it will make another dramatic drop down to reach 14.45 ? Is there a chance of bounce back up from here maybe ?
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Yes, my target is 14,45. It is a daily chart pattern, so the move could take 2-4 weeks. If we get lucky even till 14.00 or slightly below (when overreacted).
As Silver is one of the most volatile investments bigger bounces back are always possible, BUT the bigger trend is now likely down and i would not close my short but use bigger bounces back (like till 15.70) to open a short, when not in trade already and set a SL at about 16.20 with the same target so at 14.45. I think that as long as gold did not fall at least till 1.1160$ (50%-FibRetracement) or even 1.140$, there is no need to close a short in silver. EURUSD should fall in those 2-4 weeks to 1,0867-1,0820... everything is just my opinion and no recommendation to take any trade based on my ideas
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