GoldSilverAnalyst
Short

YOU DON'T KNOW WHAT YOU ARE MISSING

FX:XAGUSD   Silver / U.S. Dollar
Having a good idea, beforehand, where the buy and sell stops are located can give an active trader a better idea regarding at what price level buying or selling pressure will become intensified in that market.

Buy Stops -15.050(buying pressure)
Sell Stops- 14.450(selling pressure)

Our Active position

ASSET--Silver

Sell Limit Price: 14.700

Take Profit: 14.000

Stop Loss: 15.300
Silver needs to dig deeper into $13.9 - $9 range before reaching new highs.
+1 Reply
@Teklologist, good idea
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Nice idea on XAGUSD and there may be potential gains as you have identified by going short. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first resistance at 15.20 which is not far off from the major resistance that you've identified. It is a horizontal pullback resistance, 38.2% fibonacci retracement and a 100%, 61.8% Fibonacci extension. Stochastic is approaching resistance and we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 14.53 support level. It is a horizontal swing low support, 61.8%, 100% Fibonacci extension and a 50% Fibonacci retracement .

Please take a look at our idea and share with us what you think.

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