SILVER trade ideas
Silver (XAGUSD) long setup - Channel breakout and retestBuy Silver at CMP (17.85+)
T1: 21.35
T2: 23.40
T3: 26.00
SL: 16.99
Silver is at Make or Break Point.Silver has been correctly sharply for past 3 days, at the moment (17.46) it is at a make or break level.
If it slides further, it may touch 16.8 followed by 16.2 levels.
Technical indicators are showing weakness at this stage (27-09-19).
Traders taking short positions must exercise caution and keep monitoring charts for trend reversal.
18.04 on the upside will change the trend upwards.
It is probably reacting to news of US China trade talk resumption, but there are enough of news flow that can keep the prices higher.
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Trend-lines on Silver daily charts indicating a reversal.
Silver was seen attempting to re-enter the trend lines channel, after a few days of consilidation.
It did respected the doji that was formed day before yesterday.
RSI 21 also appears to honor support of 50 as it as reversed from there several times.
CCI indicator too is indicating a reversal from lower band of range (-70 to -80).
Chances of an upside from these levels are strong.
Beyond technical, the much awaited correction followed by consolidation is probably over, the news flow is neutral to positive and argue for a gradual recovery.
Any positive news flow can force the short positions to cover and push the prices higher at a much faster pace.
17.40 should be the STOP LOSS for all long positions.
Trade Silver using long term trend lines channel.Silver is trading below a long term channel, as long as it is out on the down side any longs should be avoided.
trend lines on an RSI chart.As the RSI charts are (specially the 21 period one) is far less volatile or noisy than the price movement chart, it is easier to determine its trend using the trend lines. the attached silver RSI chart shows how trend lines can be drawn on RSI and a fair idea of price movement can be drawn.
Silver : Intraday trade : BuyA small intraday trade.. i am in it already.. already put to BE.. let's see how it goes UP as it can go up all the way or can go down from the UP arrow and make a new low.
A throwback cannot be ruled out in Silver before LT Bullish TgtSilver is giving a good run up after breakout in July 2019 & is expected to continue this bullish trend in long term but a throwback cannot be ruled out in short term as both RSI & Stochastic are in overbought zone & can turn bearish soon as can be seen in the chart. On the upside $18.21 can act as an immediate resistance followed by $18.64 & $18.99. Thus, for short term Silver can be sold on market or on some rise towards $18 with a protective stop loss above $19 for a target of $15 . On the downside $14.75 to $15.00 range can prove as a good support & thus a good buying range for long term target of $22.94 .
SELL SILVER silver formed bearish harmonic pattern in its weekly chart and trading above its over bought region in RSI ... Short Silver at 17.10-17.50 for the target of 16.11 and 15.26 with the sl of 18.60
A second Chance to Buy in SilverMidterm forecast:
16.55 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI support #1 at 48 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 15.95 on 08/01/2019, so more gains to resistance(s) 17.20, 18.10 and more heights 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 69.
New trading suggestion:
*There is still a possibility of temporary retracement to suggested support line (16.55). if so, traders can set orders based on Price Action and expect to reach short-term targets.
* If you missed our first HUNT , you have a second chance to buy above the suggested support line (16.55).
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons :
Trade Setup:
We opened 6 BUY trade(s) @ 15.21 based on 'Valley' entry method at 2019.07.10.
Total Profit: 686 pip
Closed trade(s): 342 pip Profit
Open trade(s): 344 pip Profit
Closed Profit:
TP1 @ 15.30 touched at 2019.07.11 with 8 pip Profit.
TP2 @ 15.60 touched at 2019.07.16 with 38 pip Profit.
TP3 @ 16.20 touched at 2019.07.18 with 98 pip Profit.
TP4 @ 17.20 touched at 2019.08.07 with 198 pip Profit.
8 + 38 + 98 + 198 = 342 pip
Open Profit:
Profit for one trade is 16.94(current price) - 15.21(open price) = 172 pip
2 trade(s) still open, therefore total profit for open trade(s) is 172 x 2 = 344 pip
All SLs moved to Break-even point.
Take Profits:
TP5= @ 18.10
TP6= Free
A second Chance to Buy in SilverMidterm forecast:
15.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI bounced from the support #1 at 48 and it prevented price from more losses.
A trough is formed in daily chart at 14.89 on 07/05/2019, so more gains to resistance(s) 17.20, 18.10 and more heights 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 67.
New trading suggestion:
*There is still a possibility of temporary retracement to suggested support line (15.60). if so, traders can set orders based on Price Action and expect to reach short-term targets.
* If you missed our first HUNT , you have a second chance to buy above the suggested support line (15.60).
Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing" , "Hammer" or "Valley" in other words,
NO entry signal when the price comes to the zone BUT after any of the reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:
Trade Setup:
We opened 6 BUY trade(s) @ 15.21 based on 'Valley' entry method at 2019.07.10.
Total Profit: 492 pip
Closed trade(s): 144 pip Profit
Open trade(s): 348 pip Profit
Closed Profit:
TP1 @ 15.30 touched at 2019.07.11 with 8 pip Profit.
TP2 @ 15.60 touched at 2019.07.16 with 38 pip Profit.
TP3 @ 16.20 touched at 2019.07.18 with 98 pip Profit.
8 + 38 + 98 = 144 pip
Open Profit:
Profit for one trade is 16.38(current price) - 15.21(open price) = 116 pip
3 trade(s) still open, therefore total profit for open trade(s) is 116 x 3 = 348 pip
All SLs moved to Break-even point.
Take Profits:
TP4= @ 17.20
TP5= @ 18.10
TP6= Free
A second Chance to Buy in SilverMidterm forecast:
15.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI bounced from the support #1 at 48 and it prevented price from more losses.
A trough is formed in daily chart at 14.89 on 07/05/2019, so more gains to resistance(s) 16.20, 17.20, 18.10 and more heights 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 73.
New trading suggestion:
*There is still a possibility of temporary retracement to suggested support line (15.60). if so, traders can set orders based on Price Action and expect to reach short-term targets.
* If you missed our first HUNT , you have a second chance to buy above the suggested support line (15.60).
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons :
Trade Setup:
We opened 6 BUY trade(s) @ 15.21 based on 'Valley' entry method at 2019.07.10.
Total Profit: 438 pip
Closed trade(s): 144 pip Profit
Open trade(s): 294 pip Profit
Closed Profit:
TP1 @ 15.30 touched at 2019.07.11 with 8 pip Profit.
TP2 @ 15.60 touched at 2019.07.16 with 38 pip Profit.
TP3 @ 16.20 touched at 2019.07.18 with 98 pip Profit.
8 + 38 + 98 = 144 pip
Open Profit:
Profit for one trade is 16.20(current price) - 15.21(open price) = 98 pip
3 trade(s) still open, therefore total profit for open trade(s) is 98 x 3 = 294 pip
All SLs moved to Break-even point.
Take Profits:
TP4= @ 17.20
TP5= @ 18.10
TP6= Free
Silver has given a fresh break out today (16/07/19)TVC:SILVER Buy silver on every dip, for targets exceeding 40-42k
