How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Feature Request FAQ Help & Wiki Twitter

# Silver trend follow up

FX_IDC:XAGUSD   SILVER / US DOLLAR
255 2
Put my rough idea for Silver             trend here, will update weekly, just for trend study/follow up. On the other hand, I want to get some guide/indication/clue from it for my daily trade, coz the long/mid term direction recognition could give better guide to the daily trade. Do the correct thing at the proper time is the most important thing in trading world. Of course, this is just my personal idea, all of them are given by kindles, nothing from fundamental analysis perspective. So maybe it's not perfect/correct, really appreciate any good comment/feedback/idea from community. Thanks!

In the day view, according to the trend, pattern, resistance structures things. We could get following fact or we call it clues;
a.5 Impulse waves have been created and finished.
b.The price broke the triangle's bottom which is structure A, and seems get support at structure B at this moment.

Guess
ASSUME 1st corrective waves is finished based on following fact;
1.Price got support from structure B at this moment
2.Structure B is within 5th Impulse wave
3.Structure B is around 0.5

ASSUME 2nd corrective wave is just borned, and the target of it is to testing structure A based on following fact;
1.There is no pull back after price broke structure A
2.Structure A has been tested many times before

ASSUME 3rd corrective wave will be created after testing structure A and the target of it would be at structure C based on following fact;
1.Structure A becomes resistance structure after it has been broken;
2.Structure C has been tested many times before;
3.Structure C is near the finish point of 3rd Impulse wave;
4.Structure C is around 0.786.

Proposal
In case the above ASSUMES are correct;
- in mid term the 5 Impulse waves + 3 corrective waves mode is expected;
- in long term another 5 Impulse waves + 3 corrective waves mode will be created after this one has been finished, meaning that silver             has bright future;)
- in short term, now is the good opportunity to open LONG, and set TP at structure A; Then open SHORT around structure B, and set TP at structure B & C.

However, this proposal is made base on several assumption. We should not make trading plan base on it. But the reality is that no pull back after price broke triangle and structure A has been tested many times, so get ready to SHORT around structure A is a good choice.

TO BE CONTINUED...
Comment: The 2nd ASSUMPTION is just achieved. The next step is to verify the 3rd ASSUMPTION.

## Related Ideas

hello menyuken. look here to rule 3 : http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:elliott_wave_theory
MrThomas
Got you, thanks!
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia

한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter