Fresh demand zone ahead, possible retracement, a long opportunity.
Stuff to remember:
— First look for significant move, then follow it to its origins where you might find a suitable level to evaluate further
— Make sure the initial move is significant on the same timeframe as the one you use for viewing your candidate level most clearly
— Check the distance that price traveled before the trend ended, longer distances mean larger initial imbalances and improved probabilities in the future
— The strong initial move can contain a few small retracements but not so many that make this move slow and weak
— Avoid opposing levels on the same and immediately higher timeframes, prefer to have a clear road ahead for your trade to run
— Make sure your level is placed correctly (low for Demand, high for Supply) in relation to the big picture's important tops and bottoms
— Trading the first return of price to a valid "fresh" level carries the highest probabilities due to the larger imbalance
— A valid level is considered "fresh" if price has not returned to it since its creation. It has nothing to do with how old the level is
Trade closed: target reached
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Comments
AhmedKhattab
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We need an update for Silver :)
leghacy
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why close .. i think trend is up continuation .. bullish ..
tradewonk
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@milkywaay, it's fine to keep the trade open and set profit to break even, if you are a long term trader
leghacy
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@tradewonk, yes bro i like to follow big moves keep position open and rest (:
Elektro-Analysis
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too nice...great stuff.
tradewonk
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@caveset, Thank you!
gferraro86
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I've been watching this financial instrument for a long time. I think your analysis is correct and very sensible.
Nevertheless I have not yet glimpsed signs of failure on the part of sellers and the way downhill to 15.70 may take a few more days
Let's keep looking to see how it evolves. As always, thank you for sharing your ideas with us