Fundamentals backing this trade idea: - Silver as a seasonsal tendency to rise in the month of February - Looking at the Commitment Of Traders Reports, large commercial hedgers are decreasing their overall net short positions
Thought process: Smart Money Concepts begin with adopting the 'Market Efficiency Paradigm' which is the idea that the market is either seeking liquidity or areas of inefficiency at a premium or a discount.
I interpret the price run below 22.51 as smart money buying as a counter-party to traders who had market orders to sell the market at that price point (buying from sellers at a discount)
To then offset some of their positions at 24.40 where there are willing buyers at a premium
Any bearish candle that prints on the DAILY chart is viewed as a buying opportunity. I anticipate 'UP' candles to be broken through with low resistance and 'DOWN' candles to hold as 'support'
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