XAGUSD: Silver might initiate a retracement soon
If you want, you can take the long side, but I anticipate it will be disappointing, IF it bottoms here for a couple weeks. It's possible a retracement in a downtrend starts, but it's not 100% clear just yet.
If over the next 5 days we don't make any new daily low, it'll be confirmed, and might produce a similar price action to the previous retracements.
Taking the long side, you can buy gradually over 5 days, starting today, with a stop under today's low, aiming to risk a total of 0.5-1% once you have a full position after this time passes.
Good luck, and Merry Christmas.
Ivan Labrie.
If over the next 5 days we don't make any new daily low, it'll be confirmed, and might produce a similar price action to the previous retracements.
Taking the long side, you can buy gradually over 5 days, starting today, with a stop under today's low, aiming to risk a total of 0.5-1% once you have a full position after this time passes.
Good luck, and Merry Christmas.
Ivan Labrie.
Comment:
Following the plan.
Comment:
We can trail stops to the yellow line here: 15.964
RgMov is soaring so we can expect more upside here.
We can trail stops to the yellow line here: 15.964
RgMov is soaring so we can expect more upside here.
Comment:
Comment:
On track, it might go a tad higher still.
Comment:
It took the orange path and landed on weekly resistance now. Let's see if it breaks and the risk off move extends, or, if it tops around here.
Comment:
Very strong rally, see related ideas for the updated chart.
Trade closed manually:
I closed all silver longs.
Comment:
