Hey guys, tonight I'm looking a 5-0 position on silver! I previously had my eye on a bullish shark, which has turned into a bearish 5-0 (see below).
Price has already touched the 50% retracement and is beginning to show signs of reversal after the bearish engulfing candle! Price is also about to make a double top on the 1 hour chart. Taking this into consideration, this will be a good area to enter a short position. Price is also re-testing previous support which has turned to resistance due to the change in trend.
With 5.0's they are invalid once price reaches the 0.618 level retracement level, so our SL should be just above this point. Risk as always should be a minimum 1:2.
5-0 Ratios B = 1.13-1.618 C = 1.618-2.24 D = 0.5
Analysis will be updated as we go along!
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Price has hit my first TP level- I have closed the position and re-entered with half of the original position. Final TP is as illustrated above and the SL is the original entry price!
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Still holding guys! I'll be keeping this position open until the 2nd TP level is hit, or the adjusted stop is broken.
Trade closed: target reached
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2nd TP has been reached, well done to everyone who held. On to the next one!
@ofa, hi, I have just closed the position and re-entered with half of the original position size. The trade is now bullet-proofed
younolikeyounobuy
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Dollar is still headed down, hard. Short on silver may not work.
KyleMcQuade
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@younolikeyounobuy, price did make a lower low, and the bigger picture is pretty directionless so I believed the pattern was good to go. Just go long- one of us is bound to be right!