Silver: Bullish Gartley Formation

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Silver/U.S. Dollar (FX:XAGUSD)

FX:XAGUSD Silver/U.S. Dollar

silver gartleypattern harmonicpatterns patterntrading akil akil_stokes

Bullish Advanced Gartley Completion on Silver at 19.706

Akil Stokes
Chief Currency Analyst & Head Trading Coach
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Shall I exit short? I technically expect a drop to 18-19 before any move north

Liamfeltham

No I would stick wit the rules of your current trade

Liamfeltham

Keep your short open

This is definitely going lower 70 just broken

fali4209

The break of "X" makes the pattern formation invalid

Akil_Stokes

Thanks Adil that is what I thought. So do you expect lower now? And what do you think on my predictions?

fali4209

Yes I would expect a continuation lower, however we have a very large support zone so anywhere between current price and 19.20's can be seen as support

I expect 48 first then 26

technically not wrong, but XAG is correlated to XAU.

XAU will test more lows, I wouldn't enter a long trade here.

I will keep open and continue moving stop loss, to make sure I don't get caught up, is there a correlation between silver and Aud?

Liamfeltham

Hammer on 19.7? Weak momentum

Liamfeltham

At the end of the day in my opinion the best thing you can do is stick to the rules of your trading plan. Before you entered the trade you should know exactly why you've entered, where you'd like to get out if you're wrong and where you'd like to get out if you're right. After the trade is on the table try not to self sabotage yourself by over thinking and just trust the hard work that you put into developing your plan

Akil_Stokes

Cheers for the advice mate I've only just started this journey, so I get a bit worried when I see people like yourself with a more broad knowledge in this subject think it might be going the other way

Liamfeltham

Just remember there are buyers and sellers at every level. And many of the best traders are wrong just as much as they're right (we just manage risk better). So never let another influence your decision. Stick to the rules in your trading plan. Trust them and trust yourself!

Any one got any idea what is causing this sudden drop in Silver prices?? Anything fundamental aside from the technical need for the chart to reverse before continuing onwards...

Wow ... =/ i just hedge.

Dguaman

@Akil_Stokes is this chart still ON?

Dguaman

Wtf now what

TomPower

No you evaluate and look for the next trading opportunity

Dguaman

No advanced pattern formations are invalidated after the "X" leg is penetrated

Akil_Stokes

If we break 19.236 we can see 18.152 ... could that be a good price for enter?? do you still bullish right?

Dguaman

I's still be bullish until a break and close below19.20's

Akil_Stokes

So if that happens Sir. you dont see a new enter for a buy in Silver? thanks for answer me always !

Will it go up? 19,735 higher?

VICO78

lets see what happens.

VICO78

We never no what the market "will" do. It has a tendency to do what it wants, whenever it wants

Akil_Stokes

Thats right. lets see and hope.

Hey Akil, If I may ask,when you say "The break of "X" makes the pattern formation invalid", are you referring to the X made in the centre of the bat pattern?
Sorry if I am being thick!
Rob

robdavid1111

Hey Rob, the "X" leg is the initial starting point of the pattern formation. When looking at most advanced pattern formations, we're looking for them to reverse between the "completion point" and the "X" leg

it's not harmonious

FengQing

The CD is not really a clear bearish Trend

FengQing

This is exactly why we want to trade what "we" see and not what others see. All of our eyes are trained to pick up slightly different moves

im long

brucasella

Nice! Best of Luck Brucasella!

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