Sometimes it only takes 3 minutes of analysis to come with a great trade opportunity. Looking at the daily chart of silver, it's pretty obvious that price is testing a key level where we previously had structure. Looking at the lower timeframes for a bullish setup we may see that a head and shoulders pattern is about to comlete. I am not posting the sl and tp on this one, as there are several ways how to trade the pattern.
Pending reverse head and shoulders:
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Price has retraced to the left shoulder level. You may buy at this point, you may buy the breakout above the correction, or you may buy after price breaks above the neckline of the pattern. I will go with second option, buying the breakout of the correction
Nice work.. but I have question for you. The price broke the pattern but it came down again below the trend line.. is your analysys still valid? do you still think we are going up? Thanks
Fxprotrader
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@halawani, Yes i personally believe it will go up.. It just pulled back to test the broken level. Should sl is below the head of the pattern, so we are pretty safe at the moment. This is just my opnion.. Good luck..!