SILVER - Daily timeframe - Update on Buy Opportunity
The potential progression of OANDA:XAGUSD -0.46% , is illustrated in the chart. Following our previous analysis, for those of you who took the sell, congratulations, as it is still going. We closed our positions in the $ 16.60 area, for a decent profit.
The price is still going down, and we did not have a smaller correction to the upside within our correction to the downside, as we expected, but our medium term model has not changed a bit: a bigger movement to the upside is still coming. As it stands now, in fact, the structure still seems a corrective structure of the impulsive movement that took the price from the $ 15.2 level to the $ 18.2 level. For the moment, therefore, we are not changing our view, and we will be looking for buy setups, from this moment on.
Updates on this and smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Update idea
The price is still going down, and we did not have a smaller correction to the upside within our correction to the downside, as we expected, but our medium term model has not changed a bit: a bigger movement to the upside is still coming. As it stands now, in fact, the structure still seems a corrective structure of the impulsive movement that took the price from the $ 15.2 level to the $ 18.2 level. For the moment, therefore, we are not changing our view, and we will be looking for buy setups, from this moment on.
Updates on this and smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Update idea
Comment:
For those who did not have a buy limit order in place, as the pair had a small impulse to the upside and is making a small correction on the 60min timeframe, watch out for potential breaks to take long positions:
