SILVER trade ideas
Silver : Wolfe PatternSilver looks to have formed bullish Wolfe Pattern on daily chart. Breakout has already taken place. Silver should touch $15.65 by ETA of 13th May 2019 (converging point of wedge). Wave 1 took 11 days , wave 2 took 11 days, wave 3 is much shorter and took 4 days (aberration), Wave 4 took 10 days. If we go for symmetry then we won't find as Point 1 to 3 took 22 days but point 3 to point 5 took 14 days.
It is up to the analyst to consider it Wolfe or Bullish Wedge pattern. Stop loss of buy would be on close below low of Point 5 which is $ 14.70 (margin of safety).
Silver : Time to go long ?Silver is trading near the support of Golden Ratio (61.8%). Silver had faced hurdle at $ 14.60-15 range when it posted bottom at $ 13.89. It has now become support zone.White metal has bounced from 61.8% retracement of rally from $13.89 to $16.21 which is $14.78. Resistance on higher side is at $ 15.12 and $15.40. ROC and Stochastic are showing positive divergence on daily chart.Historically, Gold Silver ratio has averaged around 66 level which is now trading at 85. If we assume that mean reversion will take place in near term, then at $1400 price of Gold (analyst consensus), silver should trade at $ 21 level. CFTC Non Commercial net position has dropped from high of 58300 long (5-Marc-19) to 5900 long in last reading of 20th April.Silver had posted $ 13.70 bottom in Dec 2015 and then we saw rally towards $21 in just 6 months of time frame.
Our take : Buy Silver on daily close above $ 15.12 with stop loss of $14.70 (daily closing) for target $ 16.21- $17.20.
SILVER 30SILVER looks bullish, RSI also crosses 60 mark with positive upward momentum.
Buying SILVER is a good idea for now. TARGET- 15.470 with 1:2 Risk/Reward
MONK NEGOTIATES SILVERTRADE SETUP AS PER MONK STRATEGY.
ONE SINGLE TRENDLINE AND THAT IS ALL YOU NEED TO TRADE AS PER PRICE ACTION.
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SILVER good to buy on dips around $15.40-15 with SL around $14.7Silver continues to trade higher for second consecutive day and closed above $15.50 for the first time since June 2018. This confirms major bullishness and a jump till $15.90/$ On the higher side, yellow metal is facing strong psychological resistance around $16.21 and break above will take the silver to next level till $17.40/$18.64.
The near term support is around $14.80-14.40 and any violation below will drag the commodity down till $13.90/$12.55.Any break below $12.55 confirms minor weakness.
It is good to buy on dips around $15.40-15 with SL around $14.70 for the TP of $17.40-18.64.
BREAKOUT @ SILVER (UPDATE)LEVELS MENTIONED IN THE CHART.
Disclaimer:
It is very important to do your own analysis before making any investment based on the chart mentioned here.
Trade wisely!
FLAG-PENNANT @SILVERLEVELS MENTIONED IN THE CHART.
Disclaimer:
It is very important to do your own analysis before making any investment based on the chart mentioned here.
Trade wisely!
SilverCurrently Silver is within consolidation on Hourly Chart. It has taken support multiple times in the range of 15.450 to 15.550 which is very akin to 0.382 Fibo Retracement from the previous swing low. Till the time its holding onto that support, the chances of breakout above resistance zone increases and we might get a good long entry.
Silver spot near breaking of resistance Silver spot near breaking of resistance 14.80 can rise till 14.90 and above 15 also possible .
After long time consolidation takes place in silver and now it signaling breakout and taking support around 14.40
BUY SILVER FOR WEEKLEY TRADER .-
ALERT SIGNAL FOR POSITIONAL
TRADE ALERT SIGNAL
DATE -13/10/2018
BUY ENTRY 1 - 14.48391
BUY ENTRY 2 -14.37781
STOPLOSS- 14.25198
TARGET 1 - 14.60078
TARGET 2 - 14.72411
Hit like, comment and follow for more profitable Trades.
Happy trading.
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HOW LONG WIT SIGNAL IS VALID
FOR WEEKLEY INCOME TRADER (WIT)
1,IT IS VALID UPTO 24 HOURS,ONCE IT HITS THE ENTRY
2,ONCE PAIR CROSSED 10 PIPS,MOVE YOUR TRAILING STOPLOSS TO 2 BREAKEVEN OR ENTRY
3, WAIT FOR TARGET OR EXIT AT YOUR OWN COMFORT
MONEY MANAGEMENT RULES
Let’s say, If you have 1000 USD trading balance, you can use Maximum 0.10 lot (0.02+0.03+0.05 = 0.10 lot is the addition of all your open trade lot sizes).
0.10 lot should be your maximum open lot on your 1000$ trading account.
10,000 USD balance = 1 lot maximum (Example : 0.25 lot x 4 orders = 1 lot)
50,000 USD balance = 5 lot maximum (Example : 1 lot x 5 orders = 5 lot)
If you are more emotional(tension, sad, greedy) while trading, You can change your leverage below 1:50 to control your emotions.
*SUBJECTED TO MARKET RISK
Understanding the importance of each or these trading rules, and how they work together, can help traders establish a viable trading business. Trading is hard work, and traders who have the discipline and patience to follow these rules can increase their odds of success in a very competitive arena.
Personally, I like to use a system that has the highest reward to risk, which means that I tend to look for turning points at support and resistance levels because these are the points where it is easiest to identify and quantify the risk. Support is not always strong enough to stop a falling market, nor is resistance always strong enough to turn back an advance in prices. However, a system can be built around the concept of support and resistance to give a trader the edge required to be profitable.
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