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
XAGUSD trade ideas
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
A trading opportunity to buy in SilverMidterm forecast:
While the price is above the support 14.80, beginning of uptrend is expected.
We make sure when the resistance at 16.20 breaks.
If the support at 14.80 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
While the RSI support #1 at 49 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 15.55 on 06/21/2019, so more losses to support(s) 15.30, 15.15, 14.95 and minimum to Major Support (14.80) 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 63.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support zone (14.95 to 14.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (14.95)
Ending of entry zone (14.80)
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:
Take Profits:
TP1= @ 15.15
TP2= @ 15.30
TP3= @ 15.60
TP4= @ 16.20
TP5= @ 17.20
TP6= @ 18.10
TP7= Free
Silver : Range $ 13.70-17Trendline support has now become resistance. White metal is trading at 78.6% support level which is $13.75. $ 17 would act as major supply zone which needs to be broken decisively on closing basis for change in the overall bearish to sideways trend.
There is a trading opportunity to buy in SILVERTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (14.60). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. XAGUSD is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 69.
Take Profits:
TP1= @ 15.068
TP2= @ 15.335
TP3= @ 15.630
SL= @ 14.260
Sell Trade set up April/May ContractOne can look for short selling on reversal 2 hour at or near the possible reversal area and look to book by trailing stop near the target
Some bounce back may happen..Some bounce back may happen.. becoze it is near around downtrend channel support line...
nd as per RSI Indicator it is at oversold level..
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.
