There are few commodities that move as beautifully as silver. Hoping for a new bounce and looking to short.
Look for bearish candlestick formations where the trend lines meet the important fibonacci levels.
This is a rather bizarre situation that can occur if you trade harmonic price patterns.
If the price would follow the green line in this example, it would create a Cypher pattern and a Gartley pattern at the same time. So why is that interesting? Well, for starters, both of these patterns are valid!
The question you should want to ask is "Which pattern to ...
Beautiful channel on the USDCAD. Great risk/reward ratio.
(Due to current events, the dollar has been weakened, and the last move up was interrupted around 1.33870. If you believe that the dollar is going to keep moving south, you might not want to take this trade.)
This could be a good time to long platinum. We just hit a trend line and old resistance could become support. Furthermore, we are at a Fibonacci level, namely 38.2%.
Target based on the first target of the daily Cypher pattern. Stops go below the last candle and gives a nice risk to reward ratio of about 1:4. Adjust this to suit your trading style.
Potential Cypher pattern for a continuation of the long trend.
Keep in mind though, that the shorter trend is still bearish. Seeing as the structure is still pretty far away, I would put a pretty tight stop on this one.
Still a good RR ratio of about 2:1 for the first target, and if we get a continuation there is still a lot of pips to be made if you feel like ...
Looking for a Cypher pattern completion on the EURCAD four hour timeframe. Really good risk/reward on this one.
Enter short at 1.48500 and put your stop somewhere above 1.50300 depending in your rules.
First target around the 1.46 level.
Looking for the price to reverse around the 1.445-1.480 level, going for a continuation of the bearish trend.
We have a potential Cypher pattern completion, an AB=CD pattern, and some nice Fibonacci line ups.
If we brake the lows again the next resistance will come in around 1.27-1.28 something, so there are definitely some pips to be made here!