FullTimeTrader

XAGUSD-Still bullish-False breakout

FX_IDC:XAGUSD   SILVER / US DOLLAR
615 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.
I'm not buying it.

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Reply
hatimtai Yahia.Awes
Didnt buy that false breakout either. Hope you followed your Gut instinct!
Reply
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?
Reply
FullTimeTrader IvanLabrie
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.
Reply
IvanLabrie PRO FullTimeTrader
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?
Reply
FullTimeTrader IvanLabrie
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
Reply
IvanLabrie PRO FullTimeTrader
I think so, should be interesting r/r.
Reply
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