anilmangal
Long

SILVER buy setup!

FX:XAGUSD   Silver/U.S. Dollar
5418 23 171
Hello Traders, Silver             is in a consolidation, there may be some more downside but I am interested in the buy.

Trade with care
Please use a strategy you have personally tested .
If you don't have one , please get more knowledge of how the market behaves so that you can create one before you trade.
Thank you for your support.
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This is a bull flag. Silver futures
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tradingisboring tradingisboring
Look out for correlations. Strong dollar is bearish for metals and raw materials. If you are long dollar better stay out of this
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What about a head and shoulders bearish pattern?
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Nicemate PRO MEHMETGOKHANDOGAN
It's a bit of a stretch to see a bearish H&S pattern there !
But even if you do want to see it, if you calculate the target of the H&S pattern, it is right on the downside channel of the bullish flag (16.3 area), so it would be just another confirmation
of the bull flag.
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Let's assume that XAGUSD breaks up, but at the same time gold goes down substantially (assume also that SP500 and DXY are flat).
Will you buy silver?
Thanks
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Possible action expected -
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Hey Anil., Nice set up.
Inline with your analysis, I guess buying at the Fib and trend line confluence would also be a good idea.

What's your thought..?

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anilmangal PRO vsanghishetty_ewaves
If that is your strategy (tested) then go for it .
+3 Reply
FJVaqueiro anilmangal
Hi Anil:
I'm surprised on the accuracy of your predictions.

Yet on this one aren´t you concerned that a more hawkish Fed will impact on silver prices till we have a clear idea if there will be a hike on the USD interest rate on June?


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anilmangal PRO FJVaqueiro
I don't really bother myself with things I don't know, Simply put if it breaks the downtrend line i buy, if the down move breaks the up trend line trade invalidates. What the fed will do I leave to them (it they themselves knows what to do).
+2 Reply
FJVaqueiro anilmangal
So if that has worked for you, it's good enough for me (lol on the joke about the FED btw)

Best regards!
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AngusW91 PRO anilmangal
Hahaha Yup!
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Nicemate PRO vsanghishetty_ewaves
I like your view.
How would you calculate your SL though ?
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It is forming wave 4 right now. Ideal invalidation of wave 4 is wave 2 territory. I would place stops at high of wave 2. Take profit is based on wave 5 end as per wave theory.
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GBPNZD- Trading view need to stop it with the House Rules Nonsense! What can you possibly put on a chart that can be illegal. They are many so-called traders posting all kind of misleading colorful information. This is pure nonsense.
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Why chart in GBPNZD are disable ?
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Nice call! Anil! Gold and Silver are doing very deep 2nd. wave weekly corrections because they have negative correlations with DXY all the time. They are dividend by USD so there're no exceptions for them if DXY doing a weekly 5 impulse wave. I don't short this one but I'm looking for huge buying after DXY is topped. It'll be topped after market is in a mess.
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Hi Anil. Is it time to buy now? Or wait for gonsolidation?
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DPapp DPapp
consolidation
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Super performance ( 120 % ) . Now, I would be super grateful for your vision to see what's next :)
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Join my daily webinar , it's free for this week. I will not be posting until next week.
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anilmangal PRO anilmangal
the link to register is in my profile
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Anil, thanks for this great move. Not many were forecasting this based on chart patterns 2 months ago. What is next for Silver? Thanks.
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