Silver - Long the Bear Trap, Dump the Bull Trap

OANDA:XAGUSD   Silver / U.S. Dollar
(Trade this on 1Broker in my signature link for no-fees BTC-settled markets with social trading)

Silver's price action last week was quite interesting, with a wick above the May high followed by a close slightly under.

To me, this says the market is very likely to move above this area, but first, I expect a solid pullback for market open as weaker hands sell off thinking Friday/Saturday action was a failed breakout.

However, the 17.10-17.30 range is a major area on the weekly and whether or not it breaks through or upwards of that is up to question.

Either way, I like this trade's risk/reward when able to long a pullback.

Long a pullback to $16.68~
Target: $17.10
Stop: $16.48
Risk/Reward 2.1

Will be a public trade on 1Broker when active. You can "copy" me on the platform as well.

Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party

Comment: This never did dump to where I hoped it did on open, so I've traded it in reverse entering short at 17.10.

Pray 4 me. Perhaps the knife and spoon collectors were right all along.
Comment: I scalped this for ~9% gains shortly after. Earlier than I wanted to, indeed, but it was always intended as a short-term day trade.

Silver is impressively strong right now.
Comment: Was right originally that silver upmove was going to be a bull trap.

Children, Lesson #5:

"Don't second guess yourself"
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party

Wouldn't hold that short for too long mate.
+1 Reply
TheTrex TheTrex
+1 Reply
@TheTrex, Agreed.
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