Technician
Short

Silver: Probably Heading Lower!

FX:XAGUSD   Silver/U.S. Dollar
1929 9 24
Update: Trade is active
Update I decided to close half position at 15.85 and move stop loss to break-even for the second half. Due to potential falling wedge and trend line support.
snapshot

Update: Stopped at break-even for second half
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Shorting Silver             on bearish breakout

  • Double top formation completed by breaking 16.40 neckline
  • 50-days SMA bearish breakout
  • Failure near the main falling trend line
  • Long term trend remains bearish

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Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
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Technician
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Update: Stopped at break-even for second half
-1 Reply
Update I decided to close half position at 15.85 and move stop loss to break-even for the second half. Due to potential falling wedge and trend line support.
snapshot
+2 Reply
Update: Trade is active[
-1 Reply
ashif030 Technician
following....
Reply
It's also a head and shoulders pattern.
Reply
Hey technician, the entry is at 16.39, correct?
Reply
Same with gold or not?
Reply
hodoman VinceR
I dont think it would make much sense to trade relatively correlated pairs like XAUUSD and XAGUSD in the same direction, although I might be wrong.
Reply
Gold and silver are highly correlated..
Reply
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