LONG Silver – BREAKOUT-Trading ( and good chart setup)
Trading setup: stop buy @15.05 , Risk-Reward = 3.91
SL@ 14.4 (-55), TP@ 17.20 (+215)
***Positon = 300
- very strong strenght in August and in September in Gold and Silver in the past
- weak US-job data in the recent past (rate hike might come in 2015 much later as expected, if at all)
- impulsive silver buying on last 3 Fridays on high (buying interest coming into market)
- several test of resistance at 15.00 on 4h chart
- breakout above 15.05 would be a buy signal for me
A safer buy would be a corrective retest of the breakout level, but I will go just with the breakout.
*** I will start to track my ideas in the paper trading account provided by tradingview.
The account size was set to 10,000 at the start (10. August 2015) and the position size will be adjusted so, that my next stop-loss will be approximately 2% of the current portfolio size in USD (if not stated differently).
Current Account Size = 10.000 USD
Disclaimer: There is a very high degree of risk involved in trading forex, trading on margin and trading at all. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
I will set the trading view paper trading portfolio to start with 100.000 and will adjust the future slot numbers (=position size), as I get more familiar with it.
In case 3 lots are not the rigth size here, I will try to get into that market as soon as possible near the entry with a correct position size.
Sorry for any confusion.