Si1! (Silver Futures)
Silver, Symmetrical Triangle AnalysisSilver has slowly created a long-term Symmetrical Triangle Pattern. There is also a Strong Support that already did his job many times, so there's no doubt that it will continue doing it even after the Triangle Breakout will arrive.
But now there's a even more important pattern doing very well ; the Rectangle is actually stronger than the Triangle and this pattern can be considered as a long-term Accumulation phase after the big downward trend finished at the beggining of 2016.
What do i think it's gonna happen now?
Well, i think that price is going to break the bearish resistance of the Triangle (the red line) and retest the resistance of the channel . In my opinion, the probability for it to break the long-term support (green area) is very low and just in the case it will, the area around 15 can be used as a new support level.
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
Preparing to Long Silver SIK SI1!SIK18 SI1! May Futures Comex
Update Apr30
Silver is trading into a down sloping wedge. The surrounding BB's are suggesting a lower boundary, downward penetration.
I believe support could be found at the 16.30 level with a SL under 21Mar swing low at (say) 16.15
The long entry should be taken on an upside break and close above the yellow wedge radian and ideally as close to 16.30 as possible, or better.
Don't be over anxious. I also believe we may get a lower fake fade. Remember there is a lot of "good" news circulating at the moment to support a fake.
Exit (TPs) will be at the (old) rising trend line that let me down last time &/or the horizontal (red) upper channel (circa) 16.80
So there is a 50c profit potential against a 15c loss or (say) 3:1 before costs.
If you are trading warrants or options buy yourself some time (say) Sep or Dec (U or Z) and trail your stop coz there is Upper Resistance all over the shop!
... just my ("Round 2") 2c worth ...
Silver commercials at turnaround levelsLarge specs at lowest OI long exposure in 15 years $SI_F, $SLV
DeMark Monthly Sell Setup on Gold/Silver Ratiolets see how good this demark trading strategy is. massive rally ins ilver should begin and continue this month due to perfected TD sell setup
Silver breakout coming within next 6m (Spring 18' ?)Silver is approaching a long-term consolidation and has put in a nice selling tail with high volume. We're approaching a consolidation wedge between the long-term resistance with the secular bull support from 2000. I expect a breakout one-way-or-another and suspect it will be in early spring and to the upside due to the Gold/Silver ratio being at an upper extreme.
Silver to $120+ :D2002 rally from $4
2008 peaks at $17
2008 retrace to $8 (23.6% fib)
2011 rally to $50 (261.8% fib)
2014 retrace to $14 (23.6% fib)
20XX rally to $124 (261.8% fib) ???
Volume coming into silverSilver has been selling off here. It has reached some technical resistance and has had large volume last couple of days.
Tiffany & Co - Daily Leaf pattern3 confirmation on my short TIF idea. Looking to add to short on this rally.
Tiffany & CoBased off my TIF/Si1! analysis (see TIF/Si1! below) ...TIF and glaring short. Retail in general a hot topic at the mo.
I'm already short silver at 17.69.
Nesting Sharks, 5-0 Patterns w/ Ichimoku & Fibonacci ConfluencesSo I have been having a pretty good day and might be pushing my luck here but -- this is what I am watching for on Silver for the next 1-2 days (or until proven wrong, anyway).
I am already short based on the near-completion of a much larger bearish 5-0 pattern (idea shared by @pixi -- thanks!). I have now identified two bullish sharks, both of which, if successful, will lead to bearish 5-0 patterns and continue in the direction of my current bias.
Interestingly there is support from the Ichimoku Cloud indicator at the completion of both of these sharks -- the 4H Kijun Sen lies at the PRZ of the baby shark and the SSB is right around the PRZ of the larger. In addition, the baby shark completes right in the area of the .382 retracement of Silver's recent bullish move from ~$16, while the larger completes almost right at the .618. Very cool.
*It is always advisable to watch the price action in these PRZs before taking the pattern so I will be doing so on the lower time frames to decide whether I want to close the shorts and switch to longs at these points.*
If you have any comments or feedback on this idea, or your own view of Silver, please share it!
