FullTimeTrader

XAGUSD-Still bullish-False breakout

FX_IDC:XAGUSD   SILVER / US DOLLAR
613 7 18
This was the bad boy of last week but technically i have many reasons to be still bullish and i expect a deeper retracement before the final decline.

Looking at W1 chart we see price rejecting strongly from a strong level of S/R and monthly trendline (false breakout)
I see also a technicall setup called "double bottom divergence" a very reliable signal.

snapshot


Here at D1 chart:

-Parallel channel acting as support
- bullish divergence on AO
- price rejected strongly from long term level of s/r
- bullish shark (see below)

snapshot

The SL is big on D1 chart. Here is one possible long setup on H4 chart but not my style.

snapshot


Regards.
Nice, I entered here as well, 14.6, sl 13.25 to be safe.
(Also shorted gold at 1139.91, sl at BE now).
Do you have an updated EURUSD chart?
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FullTimeTrader IvanLabrie
a year ago
Yes! your mentor Tim West also published an interesting chart, this could be a long term move. Gold better i will stay aside. I think they are highly positive correlated. The EURUSD didnt move hole week so i will consider to close that trade before NFP because i have other positions against the USD.
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IvanLabrie PRO FullTimeTrader
a year ago
Yeah I'm risk free in gold, wouldn't dare otherwise.
Main dish is yen carry trade unwind/stock crash for me. Might be a big one. You took the usdjpy short?
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FullTimeTrader IvanLabrie
a year ago
I took this trade, im still short and BE, price is consolidating now. Hopefully on friday we will have bad NFP news and price will crash.
USDJPY-looking for and ideal re-entry-Convergence Divergence
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IvanLabrie PRO FullTimeTrader
a year ago
I think so, should be interesting r/r.
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Yahia.Awes
a year ago
I'm not buying it.

snapshot
snapshot
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hatimtai Yahia.Awes
a year ago
Didnt buy that false breakout either. Hope you followed your Gut instinct!
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