Update:
Silver retraced 78.6% of Fibonacci level leading to our target at 20.66
Still considered to be in bearish market as we have not yet broken above daily counter trend break (can anticipate a deeper retracement). Early bullish entries therefore needs to be taken with smaller risk on lower timeframe.
Market has respected daily trendline support, and moving towards potential future daily resistance (long term). As of the time posting this, retail sentiment changed bearish(most retail traders tend to lose money).
From current price we are about 150 pips away from target.
I am looking for break and re-tests of resistance levels on 1 hour timeframe with counter trend break bullish and wick rejections at these levels for entries.
Stop loss below market support structure
Take profit 3x risk
lot sizes: 2 to 5 lots
I have my eyes and alert on price 18.905 for retest of 1 hour resistance becoming support. I believe that if the dollar gains strength against Japanese Yen this trade idea may not work, however given signs of bullish weakness to break above resistance on USDJPY we can potentially see investors moving from the dollar to commodities momentarily until its confirmed that there is uncertainty in the FX market which will cause the dollar to become weaker for the time being. Until then I still hold my positions on USDJPY and looking to move some cash into silver (risk off).
#happytrading
Silver retraced 78.6% of Fibonacci level leading to our target at 20.66
Still considered to be in bearish market as we have not yet broken above daily counter trend break (can anticipate a deeper retracement). Early bullish entries therefore needs to be taken with smaller risk on lower timeframe.
Market has respected daily trendline support, and moving towards potential future daily resistance (long term). As of the time posting this, retail sentiment changed bearish(most retail traders tend to lose money).
From current price we are about 150 pips away from target.
I am looking for break and re-tests of resistance levels on 1 hour timeframe with counter trend break bullish and wick rejections at these levels for entries.
Stop loss below market support structure
Take profit 3x risk
lot sizes: 2 to 5 lots
I have my eyes and alert on price 18.905 for retest of 1 hour resistance becoming support. I believe that if the dollar gains strength against Japanese Yen this trade idea may not work, however given signs of bullish weakness to break above resistance on USDJPY we can potentially see investors moving from the dollar to commodities momentarily until its confirmed that there is uncertainty in the FX market which will cause the dollar to become weaker for the time being. Until then I still hold my positions on USDJPY and looking to move some cash into silver (risk off).
#happytrading
Comment:
As anticipated. Silver broke bullish into the buy zone. Time to look for buying opportunities buying low and the market will begin to make higher highs and lows in waves.
Comment:
I got my alert set at price 19.462
Market had a very strong break into the buy zone for the start of October 2022. It's time to start switching gears to the bulls side.
Market had a very strong break into the buy zone for the start of October 2022. It's time to start switching gears to the bulls side.
Trade closed: target reached:
This is the power of using Fibonacci. If you followed this tread and profited from this trade congratulations🥳!, unfortunately for me I missed my entry and the market just took off like a rocket for Fib target.
I am waiting for a new daily low to form, typically at support. This will also give us our new ABCD wave formation where we can look to profit from the CD swing bullish towards our next Fib level.
Follow me on twitter for more!
#XAGUSD #Silver #happytrading
I am waiting for a new daily low to form, typically at support. This will also give us our new ABCD wave formation where we can look to profit from the CD swing bullish towards our next Fib level.
Follow me on twitter for more!
#XAGUSD #Silver #happytrading
Trade closed: target reached
