today we are presenting you a pretty nice buy setup for Silver , which, in all fairness looks quite promising. However, this is the third take on Silver so we emphasize that there is a chance that we won't get it right this time either - but, third time lucky as they say!
Strong Reversal In A Bulish Market
The direction has been all the way, so we were looking for a convenient moment to buy. As we mentioned in the beginning, this is the third take so the first two didn't hit at all. It was just too early! However, with a working money management/risk management in place a few losing trades shouldn't make a huge dent.
So, this time we are looking at a very strong reversal in a market. We therefore assume, quite obviously, that Scotty might beam us up pretty soon to new highs at around $22.00.
There are two possible setups that fit in quite well. A conservative and an aggressive approach. We are following the more aggressive one as the chance/risk ratio just does it for us. More laid back traders should look into the conservative alternative as we think there is definitely something to take from this trade.
Note: We have opened a Silver long position with a SL at $19.00 and a target at $22.00
Good luck everyone!