Silver on the daily time frame is now at the lower range and looks ready for a bounce back up.
As you can see the shape of the range is a bullish wedge. Meaning: a high chance to break to upper range and continue in an upwards trend.
How ever as you can see theres still a bit of space left. My prediction is that after going to the upper range, there will be 1 ...
Area of interest at 17.32 Short
- Respected weekly support channel Since February 29th
- Wedge pattern forming in weekly time frame
- Harmonic move A,B,C,D
- RSI Divergence down
- Most often When EMA is broken on 4 hour chart, the trend continues
- Target 1 15.33
- Target 2 14.25
Good luck in trading!
Very good entry on this last counter leg bounce of silver.
A lot of traders ask me now what?
Now the current trend line on hourly chart has lust broken.You can wait for a re-test of the trend line nad short it.
Keep in mind that fundamentals stay unchanged supporting a price near 15$/OZ area.
TECHNICALLY
1.WE CAN SEE THE 61,8% FIB RETRACEMENT OF THE INITIAL ...
When look at silver on the daily time frame you can see that it has broken the lower range of a small channel and is now heading to the lower
range of the bigger channel.
Given by the looks of the Indicators it looks like theres enough selling pressure and strength for silver to break through this lower channel and 14 EMA level.
The previous up wave got rejected ...
For the previous days, Silver (XAGUSD) has been on consolidation mode, and pushed towards the highs of the inside bar despite the good number of US' GDP.
Along the levels where XAGUSD currently is is a messy chart. However, as seen on my 1-hour chart, the commodity is clearly above an ascending channel. Breakage of this channel will only result to few higher ...
The rebound is initiated by three times on the levels 1623/1621
Trade initiated . Entry 1631 / SL 1610 / TP 1679
Size : 0.1 Lot ( 5 USD/ Pip)
Good trades for all
NB : I 'm a trainee , so all your remarks and comments are welcome
Silver 4 hour is now at a crucial support level. If this level breaks we see 15.800 next. Indicators don't look great for silver bulls. Adx shows that theres still a strong bearish trend and Stoch RSI shows we still have strong selling pressure. A sell would be at its place, once 15.800 hits move your stop loss to the entry price.
Silver on the daily time frame is now at a resistance, with Stoch Rsi showing that the selling pressure is fading and Adx shows that the bearish trend is also fading (bearish line makes crossover downwards with the trend strength line).
This means that after selling Silver from 17.900 (which I published a week ago) it's now time to look for a buy entry.
How to ...
After 10 days down Silver is very oversold here while gold can still hold above 1260 USD.
Get ready for a bounce towards the 50MA/200MA around 18.00 USD.
After a bounce the consolidation could continue until the summer.
Silver is still bearish when looking at the indicators.
I expect it to touch the lower range around 17.5 and
a possible break of the range from that point. The past
years silver seemed most comfortable in the 15.500-16.800
zone.
This sunday we have the french elections, I personally expect
that Le Pen wont win, giving the Euro a boost on monday. However
I also ...
Still experimenting XABCD, Fib, and all the basic rest.
Stop loss at 18.60, few capital at risk.
No target settle, to each is own feeling I guess.
Cheers :)
PS : Long would be a good strategy for very long term, what ya'll think ?
