anifunny
Long

Buy Silver when spot price in INR is above 35,800

FX_IDC:XAGINRK   SILVER / INDIAN RUPEE KILO (CALCULATED BY TRADINGVIEW)
Up move from the 18th March low had a consolidation with a flag formation in the last few days… which has already broken on the upside in the last two days. Safe trade would be to enter when price is above the flag-high (35,800) with comfortable target to the next crucial level of 39,800.

Therefore, one can buy Silver when spot is above 35,800 with a stop below 34,800 and target of 39,800. That comes out to be Risk/Reward of 1/4
Comment: Move taking too much time to reach the target..
Raising stop to near or above entry would be a good idea
Comment:
Trade closed: target reached: took longer than expected but eventually target reached
Trade active: actually raising stop to the initial target would be a better idea since this move in precious metals ain't stopping anytime soon
Trade active: Raise stops to 42700-42750 range which is high of the recent flag formation.
By the calculation for flag breakout next target should be near 46700-46750 region.

But, since 45400-45455 is a resistance level tested multiple times over the years, looking to book partial profits there and raise stops further.

Comments

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