In this chart I illustrate the quarterly and yearly trends in Silver. Read the annotations on chart for more information on each component. There was a 9 year uptrend signal that ran out of time on Q4 2012, which marked the start of a long term decline.
The decline abruptly ended this year as price ran into a yearly/quarterly support zone. The market acknowledged this level, forming a base, and rallying sharply, expanding the quarterly range during Q2 2016. It could be said that the 2014 low marked the end of this decline, with the following bars being a period of smart money accumulation, judging by the power of the current advance.
We now have a very tight stop loss buy setup on chart, which I share here. I'm already in this trade. You can enter at market with a stop at 15.394 to be extra safe. Target is 25, or even potentially 32, but less likely to be hit. Good luck, see you next year.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Link to Tim West's chatroom: tradingview.com/chat/ We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
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Good progress so far.
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Good progress in the long term position. You can keep it, or perhaps close half now.