RedHotCandlestick
Long

Silver Take Three - And Action!

FX:XAGUSD   Silver/U.S. Dollar
Dear Community,

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 bullish 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 bullish reversal in a bullish market. We therefore assume, quite obviously, that Scotty might beam us up pretty soon to new highs at around $22.00.

Two Setups
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!
Comment: We have reached the Intermediate Target. Stop Loss moved to entry. If the price fails to break out significantly within the next few days, above the intermediate level, we will consider to close the trade early!
Trade closed manually: It looks like silver doesn't want to climb any higher for the moment. As we have reached our intermediate target anyway we think it's not worth the risk but bank some profit!
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