Update:
Silver retraced 78.6% of Fibonacci level leading to our target at 20.66
Still considered to be in bearish market as we have not yet broken above daily counter trend break (can anticipate a deeper retracement). Early bullish entries therefore needs to be taken with smaller risk on lower timeframe.
Market has respected daily trendline support, and moving towards potential future daily resistance (long term). As of the time posting this, retail sentiment changed bearish(most retail traders tend to lose money).
From current price we are about 150 pips away from target.
I am looking for break and re-tests of resistance levels on 1 hour timeframe with counter trend break bullish and wick rejections at these levels for entries.
Stop loss below market support structure
Take profit 3x risk
lot sizes: 2 to 5 lots
I have my eyes and alert on price 18.905 for retest of 1 hour resistance becoming support. I believe that if the dollar gains strength against Japanese Yen this trade idea may not work, however given signs of bullish weakness to break above resistance on USDJPY we can potentially see investors moving from the dollar to commodities momentarily until its confirmed that there is uncertainty in the FX market which will cause the dollar to become weaker for the time being. Until then I still hold my positions on USDJPY and looking to move some cash into silver (risk off).
#happytrading