Is there a symmetry between the run up and down ?I see symmetry in up run and down.... so may be more down side is pending, say till 24.50 ?
Please note: I'm a entry level trader. Just trying to learn more about tech analysis.
SILVER trade ideas
💡Don't miss the great buy opportunity in SILVERMidterm forecast:
While the price is above the support 21.90, resumption of uptrend is expected.
We make sure when the resistance at 27.40 breaks.
If the support at 21.90 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 23.95 on 01/18/2021, so more gains maximum to Major Resistance (27.40) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 62.
Trade Setup:
We opened 8 BUY trade(s) @ 24.93 based on 'Hammer' entry method at 2021.01.18.
Total Profit: 1584 point
Closed trade(s): 354 point Profit
Open trade(s): 1230 point Profit
Closed Profit:
TP1 @ 26.00 touched at 2021.01.21 with 107 point Profit.
TP2 @ 27.40 touched at 2021.01.29 with 247 point Profit.
107 + 247 = 354 point
Open Profit:
Profit for one trade is 26.98(current price) - 24.93(open price) = 205 point
6 trade(s) still open, therefore total profit for open trade(s) is 205 x 6 = 1230 point
Take Profits:
TP1 @ 26.00
TP2 @ 27.40
TP3 @ 28.45
TP4 @ 29.85
TP5 @ 31.25
TP6 @ 32.45
TP7 @ 33.45
TP8 Free
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Silver Short SqueezeSilver saw Signiant upswing last week & found resistance on Thu/Fri at Daily Declining Trend line. Momentum is Strong & Time Cycle also Favors Silver to Rise to 28.5 & 30 & beyond in next 2/3 weeks time
Silver retaces biggest gains in eight weeks above key supportsWith the market spiral full of talks over Gamestop-led fund diversion to silver weighing on risks, the white metal trims the previous day’s gains on Friday. The commodity rose the most since early December on Thursday while extending its bounce off 100-day SMA beyond 21-day SMA. The upside move also gained support from bullish MACD and upbeat RSI. Also supporting the silver buyers is the quote’s ability to keep the SMA breakout. As a result, silver is well-directed towards a falling trend line from August, around $27.60 while the monthly near $27.90 and September 2020 peak surrounding $28.90 adds to the upside filters.
On the contrary, a 21-day SMA level of $25.85 offers nearby support to the bullion before dragging it to the $25.00 threshold. However, 100-day SMA near $24.80 and an ascending support line from November 30, at $24.70 now, will become tough nuts to crack for the silver bears afterward. Overall, silver consolidates the upside momentum but the bulls can stay hopeful.
XAGUSDThe price of the counter XAGUSD is moving downwards in the resistance trend line. Already the counter has been tested thrice at the prices 26.111,25.793 and 25.475. The price is still maintaining below the resistance line and there is no indication for a breakout. The selling mood of the market may drag the price even more downwards. Short is more preferable for this condition and the bearish trend may continue further. The MACD curves started moving downwards which gives additional support to the description.
SilverSilver chart looks more interest ing then gold at the moment.
Silver have given a breakout on monthly charts and is now consolidating after the retest.
Silver Elliott Wave analysis (alternate)Om Namah Shivay
Silver can be more properly analyzed with EW. In this the last leg does not have the Triangle. As there it is wrong to place a triangle.
Om Namah Shivay
Why Silver started going down from 6-1-2021Om Namah Shivay
Brothers, Silver started going down from 6th Jan onwards. And the reason being analyzed in the chart.
It is amazing to see the lower timeframe analysis giving the level from where the flat 2 structure should tip.
All data and reason are drawn and It shows the amazing result.
Om Namah Shivay
Silver bouncing from the supportSilver bouncing from the support. One can take long positions now for a target of 27.7 , 29.85, 32.40, 35...
XAGUSD - LONGDescription:
The counter XAGUSD look to form an ascending triangle. A flat-top resistance @ 27.40 and trend line support around 26.00 to 26.15 together form the ascending triangle. Today the counter is looking to break the resistance line @ 27.40. Prices trading a couple of hours above this level might push the counter to further highs. A price accumulation around the resistance line might get the counter a bit stronger for upper moves and for the bullish trend to stay intact. We look for buys to take a ride, once the resistance breaks and make the counter bullish till 28.80 to 29.00 levels. The trend line holds as the major support for the bullish trend to continue. Only a break of the trend line might possibly reverse the trend for a reverse mode.
The major levels for this counter are
R2 – 28.00
R1 – 27.58
PP – 27.15
S1 – 26.73
S2 – 26.29
💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 21.90, resumption of uptrend is expected.
We make sure when the resistance at 27.40 breaks.
If the support at 21.90 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
While the RSI uptrend #2 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 23.55 on 12/11/2020, so more gains maximum to Major Resistance (27.40) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 62.
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💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 21.90, resumption of uptrend is expected.
We make sure when the resistance at 26.00 breaks.
If the support at 21.90 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
A trough is formed in daily chart at 23.55 on 12/11/2020, so more gains maximum to Major Resistance (26.00) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 65.
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ForecastCity English Support Team ❤️
Silver at Situation CriticalSilver facing resistance now at 26$ level. If it breaks it decisively then we are off to $30. Otherwise, another correction may be on the cards.
#SILVER # XAGUSD Wave C of the 2nd FLAT heading to $18Silver's recent upmove looks complete and the initial move down from 24.86 seems to be in 5 waves, indicating that the down move may have started.
If the wave count is right, we are looking for the next downleg to make its path upto $18. At this level the 2nd ABC will be equal the 1st ABC from the Aug high. This is a normal target area.
Risk level is the recent high 24.86 .
Since the move will be a long trend , one can look to reenter if the stop is taken
