Good morning traders!
Here is our first analysis of XAGUSD (Silver).
As showed in the chart, we believe that silver is still correcting the move from 11 to 30. Price has recently been rejected in a confluence area with big volume cluster and main trendline. Since this last leg up starts with three waves in wave a, we believe that another corrective leg is still to come and we are more likely to bottom around 16.
So we look at the shorter timeframes for possible short entries.
Here we can observe that price broke the short term trendline and formed a volume resistance. We are then opening a short position with stop loss just above this volume resistance at @24.15, risking for this trade 0.5% of equity.
Here is our first analysis of XAGUSD (Silver).
As showed in the chart, we believe that silver is still correcting the move from 11 to 30. Price has recently been rejected in a confluence area with big volume cluster and main trendline. Since this last leg up starts with three waves in wave a, we believe that another corrective leg is still to come and we are more likely to bottom around 16.
So we look at the shorter timeframes for possible short entries.
Trade active:
stop loss on entry: @23.91
Comment:
Closed Breakeven
Trade active:
Restriking @24.18 stop loss @24.58 risk 0.6%
Trade active:
Stop Loss on entry
Trade active:
Last short closed on entry. Reshorting now @24.3 stop loss @24.75 for 0.7%risk
Trade active:
Trendline from May '21 + volume cluster
