SILVER BREAK AND RETEST
I've loved trading this instrument for the past couple of months. Catching every pip from the Feb low and the retracement that we find ourselves trading currently. This may come as a surprise to many but sometimes markets just trade beautifully and sometimes, they'll leave you thinking that you should have found something else to do with your life. Anyway...that's for another day.
Where do I begin? This is my first trade idea that I'm publishing on this platform. I don't know if there is a way of sharing images here, let me know in the comments?
We've reached our short term cycle target of 24.40 governed by the 50.00% fibo off the May 5th High. Silver is now trading at a decent "pivot level" that recently offered support to the 5 April 2022 low and pushed prices down back in January this year. We broke out of this level (aggressively) back in April this year and I was looking for it to hold as support (kind of) more recently, we broke down below it again, held just below the 50% fibo off the Feb lows, closing with a beautiful daily outside reversal candle and we're now back at this level. Break and retest? That's what it looks like to me. I also see a weekly FVG (1-15 May 2022 weekly candles) that the market just tapped into and got rejected. We have a shooting star daily candle to highlight this rejection and I'll be going short from there and hoping to see a daily close below 23.50 to resume the move lower to my near term price target of 21.50 where we will find yet another weekly FVG and demand zone (76.2 -78.6 fibo off the Feb low) where I'll be buying up as much silver as I can get.
Do you agree? Share it in the comments below.
See you at 21.50
Where do I begin? This is my first trade idea that I'm publishing on this platform. I don't know if there is a way of sharing images here, let me know in the comments?
We've reached our short term cycle target of 24.40 governed by the 50.00% fibo off the May 5th High. Silver is now trading at a decent "pivot level" that recently offered support to the 5 April 2022 low and pushed prices down back in January this year. We broke out of this level (aggressively) back in April this year and I was looking for it to hold as support (kind of) more recently, we broke down below it again, held just below the 50% fibo off the Feb lows, closing with a beautiful daily outside reversal candle and we're now back at this level. Break and retest? That's what it looks like to me. I also see a weekly FVG (1-15 May 2022 weekly candles) that the market just tapped into and got rejected. We have a shooting star daily candle to highlight this rejection and I'll be going short from there and hoping to see a daily close below 23.50 to resume the move lower to my near term price target of 21.50 where we will find yet another weekly FVG and demand zone (76.2 -78.6 fibo off the Feb low) where I'll be buying up as much silver as I can get.
Do you agree? Share it in the comments below.
See you at 21.50
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