Silver Counter trend trade

Our Divergence set up occurred in the 4h time frame

We have 2 valid entry points because around the support area both legs after the impulsive leg did close at the same or lower level of "X" LLC with the RSI remaining above the 20 level and the MACD with a positive angle

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Same situation in the half time frame witch is in this case the 2H

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And this is the support area that i was talking about

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Now.. Based on our Fibonacci extension analysis we locate fib confluence of the 1.27 and 1.681 extension a bit lower.

That means our divergence occurred lower than expected.

But because i prefer investing in Silver i think this is a good area for someone to buy the "SLV" ETF or at least but the stop loss above the fib confluence (green area)

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I also look at the silver because it has a strong inverse correlation with the US Dollar.

So if the US Dollar appears to have this kind of behavior i think its highly likely to see a reversal... I will upload my idea soon

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Lastly in the 5 min.. a set up for an accurate entry... We dont need a confirmation level in the 5 min. Just a Divergence set up with the RSI..
Now if our hole set up occurs... thats better :)

jaktrader

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jaktrader