XAGUSD | Good Bullish trend as per Dow but prepared for reversal
#Week13-14-Competition-1
BULLISH INDICATOR (JAN 4)
1. Bullish HH and HLs
2. Bullish candle sticks at 1 hour and 30 mins at the time of trading
3. S &R:
a. Strong daily level resistance is present between 24.69 and 24.857 and price is expected to test it
b. Support at 23.95 (My SL for Long will be below it)
4. Trendlines:
a. Bullish trendline is not broken and price action is respecting it.
b. Price action is between the Bullish trendline channel in 4H chart (Zoom out to check)
5. Pullback in price action is respecting Fib levels of 50% and 61.8%, creating new HLs there
6. Silver is usually close in Bull candle in Jan of each year
7. No obvious divergence noticed
BEARISH INDICATOR (JAN 4)
1. All timeframes below 1H are showing bearish candles trying to test support at 23.95
2. Strong support is @ 23.95 and price is expected to test it or break it continue bearish tendency.
3. The strong bearish candle has touched support at 23.95 creating somewhat of Double top
4. Double top Bearish reversal has been formed and it might force price to break support of 23.95 after testing it
PREDICTIONS
1. Due HH and HL, Bullish trend is expected
2. But at time of writing my trade plan, the strong Bearish candle is testing Support at 23.95 but not broken
BIAS 1 = LONG - PLAN 1 (Buy @ Market)
BIAS 2 = SHORT - PLAN 2, (if support at 23.95 is broken and retest in any smaller timeframe)
TRADE PLAN
———————
PLAN A: Long @ Market
EN1: 24.071 (@ Market)
SL1: 23.920
TP1: 24.25 - RR: 1.19 - Lt: 0.3
EN2: 24.11 (@ Market)
SL2: 23.89
TP2: 24.46 - RR: 1.6 - Lt: 0.4
PLAN B: SHORT @ Pending
EN: 23.879 (@ Pending Sell Stop Order) ENTERED
SL1: 24.04
TP1: 23.66 - RR: 1.36 - Lt: 0.3
SL2: 24.07 (WAITING TO ENTER)
TP2: 23.53 - RR: 1.79 - Lt: 0.4
BULLISH INDICATOR (JAN 4)
1. Bullish HH and HLs
2. Bullish candle sticks at 1 hour and 30 mins at the time of trading
3. S &R:
a. Strong daily level resistance is present between 24.69 and 24.857 and price is expected to test it
b. Support at 23.95 (My SL for Long will be below it)
4. Trendlines:
a. Bullish trendline is not broken and price action is respecting it.
b. Price action is between the Bullish trendline channel in 4H chart (Zoom out to check)
5. Pullback in price action is respecting Fib levels of 50% and 61.8%, creating new HLs there
6. Silver is usually close in Bull candle in Jan of each year
7. No obvious divergence noticed
BEARISH INDICATOR (JAN 4)
1. All timeframes below 1H are showing bearish candles trying to test support at 23.95
2. Strong support is @ 23.95 and price is expected to test it or break it continue bearish tendency.
3. The strong bearish candle has touched support at 23.95 creating somewhat of Double top
4. Double top Bearish reversal has been formed and it might force price to break support of 23.95 after testing it
PREDICTIONS
1. Due HH and HL, Bullish trend is expected
2. But at time of writing my trade plan, the strong Bearish candle is testing Support at 23.95 but not broken
BIAS 1 = LONG - PLAN 1 (Buy @ Market)
BIAS 2 = SHORT - PLAN 2, (if support at 23.95 is broken and retest in any smaller timeframe)
TRADE PLAN
———————
PLAN A: Long @ Market
EN1: 24.071 (@ Market)
SL1: 23.920
TP1: 24.25 - RR: 1.19 - Lt: 0.3
EN2: 24.11 (@ Market)
SL2: 23.89
TP2: 24.46 - RR: 1.6 - Lt: 0.4
PLAN B: SHORT @ Pending
EN: 23.879 (@ Pending Sell Stop Order) ENTERED
SL1: 24.04
TP1: 23.66 - RR: 1.36 - Lt: 0.3
SL2: 24.07 (WAITING TO ENTER)
TP2: 23.53 - RR: 1.79 - Lt: 0.4