We see a corrective pattern that indicates more selling to come.
The correction can extend and get complex but for us we will wait on lower timeframe action.
Trade with care use a stop loss.
So tell me:
Is it more likely that silver falls to zero (worthless) or goes to 40 ?
All this may take some good time and your rollover / overnight fees in cfd have to be considered.
But overall - for me - it seems that chances for 40 are greater...
keep in mind:
- trade at your own risk
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As you can see on the chart, clearly we are in a possible reversal zone to the upside .
My intentions is to start buying and build a position gradually.
The ultimate goal is to catch the next low inside the big triangle but the position will be adjusted according to price action , momentum and so on
best of luck :-)
A hammer candle setup has formed on the silver/euro weekly timeframe.
I’ll be looking to enter on the open of next week.
Levels on chart, risk reward ratio 1:3.
A potential hammer setup is maybe forming on the H4 timeframe (XAGEUR).
Wait for current H4 candle to close. If it is a green one, enter on the next !
SL = below hammer’ slow
TP = 3:1
THIS IS MY BULLISH TREND CONTINUE IDEA. HOWEVER, WAIT FOR COME KEY LEVEL AFTER HOW TO RESPECT TO KEY LEVEL AFTER TREND CONTINUE TO Uptrend YOU CAN ENTRY ,SO THIS IS MY OPINION ONLY .
Buying Silver against Euro provides 10% discount compared to the long term average EUR/USD price. It can be a very good opportunity as the Euro funding rates (close to 0%) are also considerably lower than USD funding rates (around 2%).
Silver's correlation .94 indicates price is mostly a currency
(very high correlation to US Dollar). When this correlation drops, to very low levels, then you can be afraid we are in the end game melt-up.
As you can see we have closed an outside bar on a daily basis.
This week canldestick will be bullish to ,because after a outside bar , we have seeing a bullish rise in the last bull run in 2010.
When it gets to the upside channel(green) we'll probably see a bull run to 30 euro.
With a good of luck we could see a new all time high at the end of april...
The first quarter of the year will be the second best quarter for silver
The inner and outer trendline is broken so it can easily go to 25 euro in my opinion
Goodluck
Silver is cheap as chips and so far market has chosen to bump up the price.
Gold is still in my bearish zone but since precious metals have had a bullish week I'm going to remain bearish until I see a break of 22 on Silver or 1900 on Gold.
If silver can stay above this purple zone and retest then further bull.
If silver falls below this zone and retest then trend has turned bearish.
Gold will move first and silver shall follow.
