Silver has changed the trend in 1h chart

FX:XAGUSD   Silver / U.S. Dollar
2183 14 63
Silver             has changed the trend
in 1h chart
we can see the downtrend is broken
and now it becomes Sideway.
Key Level is 16.30
if price tested that level and hold,
we can enter a long
Target 16.63 FIRST
Order cancelled: price did not hold at 16.30
no entry
and since it is already make a lowe rlow.
this trade set up is no longer valid
To lean Trading like Jack:
Weechat ID: 32114564
no longer valid
I entered at 16.36 this morning. Although it dropped, it did not hit my stop loss this morning. Now it went back up to above 16.3. I just moved my SL to 16.25. Should I take a small loss now or I just hold it from a technical point of view? I would like to learn how I should handle this situation.
tntsunrise EagleGolfer
now 16.30 becomes resistance. if you wan still keep the position, put the sl below 16.09
TonyLai tntsunrise
it reach 16.63
refer to the status, ordern canceled.
TonyLai tntsunrise
apologies. just saw it
Jack Thank you for your insight. I have a very similar idea I posted a few days ago. Your idea gives me confidence in mine.
NIce call, I'm looking at exactly the same trade in Platinum, just playing out the double top with Silver right now, its a classic FIB TRADE if it comes off because your target price is the best short entry for an epic C WAVE decline!!!
Jack, how we can decide a price is holding or not? What timeframe can be considered safe? Thanks!
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