For $29,798.94 Balance, and 2% risk per trade ~ $600, Position size = 0.4 lot (0.2+0.2) . Note: The value for each tick in silver equals $5. =========================================================================== Reasoning
Main short term trend line
50-Days SMA
Major Pin bar at retest of both of the above
Silver has been under=performing recently, compared to gold.
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التعليقات
GarryBartsch
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Thank you for posting this trade. I see your logic but in these cases I prefer to draw my trend lines this way ignoring that upper shadow half way down. Thus all the real bodies fit nicely in the channel. So in my mind silver has broken out of the channel and while there is very often a drop following the breakout, it would result in price hitting falling support and would be a buying opportunity - these breakout followed by a final drop often signal the end of the move. So there isn't enough potential profit for me to short this. Indeed silver has lagged gold and that is another reason for me to not want to short it; it might suddenly play catch-up. But I like your analysis and the long upper shadow on the second last bar troubles me a bit so you might end up being right after all. Good luck!
FXMONA
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price hit 1st TP without triggering pending. So, now should we cancel the pending?
Technician
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Yes cancelled for now. But i am still watching for a possible re-entry.
FXMONA
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So, should we cancel the pending and waiting for your next response? Or keep the pending and wait for triggering?
TimBrent
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its going back up after it failed to go downwards (t1) i think im going into the trade anyway.. i will see
GarryBartsch
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I'm wondering if you might be looking at silver differently now that your target has been reached? Based on the two candles with long lower shadows that have so far proved to be a bottom, and the fact that price was not plunging for the past six or so sessions, and today the candle matched the previous red, I'm expecting it to start up soon.
Technician
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Hey, currently there is no clear trade for me, as you can see on chart
GarryBartsch
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Thank you. Will be watching to see when you identify one.
lalitgurnani1993
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Target hit! Very nicely done... this was amazing...
what dowl u think now? Buy?
TahirAli
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Lalit ji its useless to hit the target when your entry never got filled.This trade was already cancelled.