Silver long term bullishOANDA:XAGUSD
Chart is self explanatory. Great setup with massive potential. Leave your thoughts below.
Silverusd
Silver continues to push higherSilver markets rallied again during trading on wednesday reaching above the $17 dollar level during the U.S. market session. There is fear in the markets at the moment with three (3) Asian central banks cutting interest rates overnight (New Zealand, India and Thailand) which suggests this is a coordinated move. The global economy is certainly slowing down, suggesting we could be entering in to another global financial crisis and the safe haven for investors is precious metals and more recently - Bitcoin. We are already in a retracement from the latest high which has bounced from the 38% fib retracement zone. Price should now push up once more and our target is around the 17.60 level
8-6-2019- Silver Surfer, lows coming for Silver/ USD?Shakeout as silver posts new low
Educational and entertainment purposes only- not financial advice
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) 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
H4 LONG TRADE ON SILVER - TREND is your FRIENDQuick summary of how i usually view the markets.
In terms of market movement, i tend to view them as either Ranging or Trending market environments.
- Trending environment means that price has a general direction it is heading based on High Time Frames market structures. BULLISH Market structure refers to higher highs and higher lows, while BEARISH Market structure refers to
lower highs and lower lows.
- Ranging environment means that price usually just oscillates within the range with no clear direction. This is also refer to chopping markets, making it harder to trade since there is no clear trend. Hence, usually i drew up a range and
take trades around the range low / high and trade it to the other side. EG Long range low, targeting range high.
For spotting of trade opportunities, i look to take trades near High Time Frame structure. By refining my entry, stop loss and target based on Low Time Frame structure, i am able to maximize my Risk:Reward ratio of the trade setup by aligning with the Macro trend.
Setup type: H4 Significant Flag
Levels of confluence:
1) Weekly Range Low
2) H4 Demand zone proven itself previously when price dipped into it and rallied to make another higher high (Confirmation of demand)
Silver Elliott Wave View: Impulse Move Favoring More UpsideSilver rally from May 28, 2019 low is unfolding as an impulse Elliott wave structure favoring more upside to take place. The near-term pullback to $14.87 low ended wave ((ii)). Up from there, the metal made a strong rally to the upside and ended wave ((iii)) at $16.58 high. The internals of that rally unfolded in lesser degree 5 waves structure where wave (i) ended at $15.31 high. Wave (ii) pullback ended at $15.03 low, wave (iii) ended at $16.46 high. Then pullback to $16.22 low ended wave (iv) and a rally to $16.58 high ended wave (v).
Down from there, the 3 swings pullback to $16.04 low ended wave ((iv)). While above there, wave ((v)) remain in progress looking to extend higher 1 more time before wave 3 ends & pullback in wave 4 takes place in 3, 7 or 11 swings. The minimum extension area for wave ((v)) of 3 i.e inverse 1.236%-1.618% extension area comes at $16.72-$16.93. From where the metal can potentially see a pullback in 3, 7 or 11 swings before more upside can be seen. We don’t like selling the stock & expect intraday buyers to appear in 3, 7 or 11 swings within wave 4 pullback at a later stage. As far as a pivot from $14.88 low stays intact.
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 Lining PlaybooksI got a lot of messages these days...
"Sir I missed the move in silver what shall I do?"
" I'm short in silver I followed someone else, please help"
And my favorite:
" Sir can we buy silver now?"
... etc
We broke violently the multi year down trendline in the last 2 days.
Actually the above chart is a 2-day-chart because I wanted you to see how big was the consolidation we broke and how small was today's move in the range comparing to the previous moves.
This is just starting. Yes we rallied from 14.3 to nearly 16 $ which is a big move.
But if we accept the fact that silver is starting a bull market in the next few weeks it can easily tag and maybe break the top of the range at 21.286$. Of course there will be consolidations and pullbacks in this rally but the long term view is clearly bullish.
Many funds and big trader will enter in silver after today's breakout.
If the dollar is finally rolling over Silver will print a big rally in the following days.
We are just at the bottom of the range:
XAGUSD: Approaching the Sell Zone.Silver has had a hyper strong 4 day streak with 1D extending the Channel Up towards the 16.200 1W Resistance. The price is now trading on the most optimal long term Sell Zone. Short term traders can target the 15.550 4H Support while can extend to 15.000 and even lower depending on future fundamentals.
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SILVER/USD UPDATEKeypoint :
- Orange line : Fibonacci sequence x 1.618 from October 2008.
Yellow line : Fibonacci retracement 2018
white line : Projected Down Trenline from september 2016
Closer they are (orange and yellow fibonacci line) in between the high resistance/support is expected
- expect a down trendline would be tested and a possible retracement once it's touch that line. in unexpected moment, if the price action do managed get above the down trendline. there will be a good bullish trend sign for SILVER/USD
Indicators :
- Stochastic RSI : managed to create higher low and rising up above 80 level currently. bullish momentum yet it's highly chance it will retrace in next fib line
- DMI : +DI (buyer strength) is creating a huge range with - DI (seller strength) which is a good sign for bullish momentum for now. ADX (momentum strength) is rising and expected will be get above 25 soon..
- MACD : Macd line crosses toward bullish zone and the buyer histogram is rising currently. although there's slight bearish divergence in between price action and histogram which is lower than previous one. nevertheless it can be negated easily.
Thank you for your time to read this post and please take this idea as a grain of salt as reality always differ from what i expect as this post merely just an opinion.
Silver, it maybe time the bulls take full controlMy 3 favourite Indicators have all aligned for Silver .
1. Price above 20MA daily
2. Stochastic RSI on the upside of momentum
3. Short over the long
also the price is above 50MA daily, but on the weekly it is acting as resistance that has to break.
anyway it is all looking positive for Silver price.
XAGUSD: Important Resistance ahead. Trade accordingly.Silver broke above the 1D bearish (Lower High) trend line (dashed) effectively ending the medium term downtrend. 4H was currently rejection on the first major Resistance test (14.800 - 14.840). Failure to break this may result in a drop back to the accumulation zone (TP = 14.400) but a break above 14.840 should see Silver testing major 1D Resistances (TP = 15.300).
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Silver Next Major Move Silver at the end of correction period
Next major move : post 2021
Minimal chance to go over $15.60 from now till December 2020
Minimal chance to go lower than $13.50 from now till December 2020
XAGUSD BuyThis one is a bit tricky, scenario still needs more time to clarify the structure. However, short term buy and then wait to see if there will be a new low or keep going up. Only buys on Silver.
XAGUSD: Consolidation before the main move.Silver is consolidating on 1D (RSI = 45.850, Williams = -48.527, CCI = 32.7856, Highs/Lows = 0.000) after finding support at 14.890. The very same pattern has been spotted another 2 times in 2017 and 2018 leading us to assume that the behavior is cyclical. This suggests that the current consolidation has at least 1 more Lower High to give before breaking either towards February's top or December's low. Our TP is 15.470.
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XAGUSD: Bullish formation.Silver is on a 1D Channel Up (RSI = 57.653, MACD = 0.076, Highs/Lows = 0.0566). 4H is also on a bullish Channel (RSI = 57.109, Highs/Lows = 0.0000) but more neutral which offers the necessary support. The pattern behavior is quite clear and as soon as this Channel breaks upwards 16.215 at least will be tested. Our TP is 16.200.
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Comments and likes are greatly appreciated.
Silver (SI1!) - 2019 will be the year of the Silver BullsThere is no denying that commodity futures market are on fire with the surge in Gold and Palladium. Silver is riding that train finding a technical bottom Nov 18' at $13.85. Silver has since moved out of the descending channel and tested its all important 61.8 in Feb, getting rejected, but confirming the top of the channel as support.
Silver Bulls are now testing the 618 level again.
Near term resistance zone: 16.80 - 17.39
Support: 15.20-15.60.
Indicators: Silver is not as overbought as Gold and Palladium so I'm expecting a successful push this time above the 618 testing those near term resistance levels.
RSI - 63. Bulls in control of momentum. There is a slight divergence however on RSI so bulls really need to make this next leg up count.
Stochastic - rolling over bullish
DMI - ADX at 20. We prefer to see around 25, however, +DI is trending in a positive direction.
Its nice seeing a resurgence in Silver after being stuck in a descending channel since June 2016. 2019 is expected to be more bullish with industrial demand on the rise for silver as well as more coins being minted as well.
Let's see if silver bulls have it in them over the coming weeks!
Regards,
Bobby
SILVER TRADING PLAN $$$Good evening guys, I hope you are well.
On the week commencing 18th February, along with GOLD I will also be looking at SILVER for a trading opportunity.
The price has jumped marginally off the SUP2 dotted line and the rising trend-line. This confirms a potential uptrend continuation.
I will be looking at RES1 to see if the price breaks above this line or repels.
TP @ RES2 SL @15.6
