JigneshDavda

Confluence Area for Low Risk Buy Setup

Long
FX:XAGUSD   Silver / U.S. Dollar
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5
Silver is having a heavy down day on the daily, however the pair is still largely in an uptrend.

With the DXY bouncing against it's 61.8% Fib, this may be an area to try a Long positions.

The pair showing signs of bouncing on the 1H against a rising trendline, bottom of the channel, as well as an 88.6% Fib. with stops below the lows at 15.132 this offer's a nice risk to reward at 1:5 for a shot at overhead resistance just above the previous highs.

Comments

Still in risky area
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