Silver Journey - immediate trade should be a short
Hi all,
I am sorry for the long delay getting back.
Just a few quick thing to say.
That last decline was fast and strong .. I tend to think of it like a C wave - I need to recount all my waves because now I see a lot more ABC's.
The trendlines did assist in telling us where to start shorting for that last decline.
1) At the moment the most probable short term trade is to short with the Stop loss of 18.00 with a tp of around 17.20 (This is a bad trade and if it was the case - I would not enter into this)
2) The best short term trade is to hold neutral as there are 2 main things to look out for
a) to see if the price will bounce off the top of the channel at around 17.80 and drop in a 3 wave structure to the difficult long term trendline (orange box) which each time it has caused price to fall when it reached it. Once the price falls it would be good for a long and the price to buy should lie around the 17.23 to 17.50 area... the target for this trade will be 18.00 with the stop loss at the last wave IV (17.00 area).
b) to see if price can break through the top channel at this stage at 17.80 and start a consolidation bull flag.. if this is the case you should buy and your stop loss will be at around 17.50 and your target can be set around 18.26
Should you short silver with confidence long term: my opinion at this stage .. is NO.. if the $16.60 price is reached again this will change the story. Even with that last big drop in price 15 sessions in a row.. it could not break the last low at $15.63. Looking at price it is more likely that price will increase rather than continue to decrease.
Short term trades are risky and please be careful if you are trading day to day.
I am sorry for the long delay getting back.
Just a few quick thing to say.
That last decline was fast and strong .. I tend to think of it like a C wave - I need to recount all my waves because now I see a lot more ABC's.
The trendlines did assist in telling us where to start shorting for that last decline.
1) At the moment the most probable short term trade is to short with the Stop loss of 18.00 with a tp of around 17.20 (This is a bad trade and if it was the case - I would not enter into this)
2) The best short term trade is to hold neutral as there are 2 main things to look out for
a) to see if the price will bounce off the top of the channel at around 17.80 and drop in a 3 wave structure to the difficult long term trendline (orange box) which each time it has caused price to fall when it reached it. Once the price falls it would be good for a long and the price to buy should lie around the 17.23 to 17.50 area... the target for this trade will be 18.00 with the stop loss at the last wave IV (17.00 area).
b) to see if price can break through the top channel at this stage at 17.80 and start a consolidation bull flag.. if this is the case you should buy and your stop loss will be at around 17.50 and your target can be set around 18.26
Should you short silver with confidence long term: my opinion at this stage .. is NO.. if the $16.60 price is reached again this will change the story. Even with that last big drop in price 15 sessions in a row.. it could not break the last low at $15.63. Looking at price it is more likely that price will increase rather than continue to decrease.
Short term trades are risky and please be careful if you are trading day to day.
Comment:
Sorry the wave count is pretty crap .. please ignore that count I will spend more time in the coming days to re count all of that