XAG/USD week ahead retrace then long
Updated
Made a big mistake due to my being relatively new to trading and closed trade during chop on 4H chart around 38.2.
I am sticking with last weeks analysis and think we will see a retest of 18. xx -3.70% in the very near future.
I shall be re opening long on re test and rejection of any of the fib levels that we passed on the way up. I think this will be the 38.2 as price has reacted very well from our last analysis. However we are getting overdone on lower time frames after most recent move and charts don't move in straight lines.
So the plan is re open at rejection of 17.16 and if this level fails then re open at any of the fib levels below.
Targets are retest of most recent high. extended targets are there also and these will be fib and previous structure based somewhere between 18.6 and 18.8
If price does hit 61.8 i will look to increase position size.
I am sticking with last weeks analysis and think we will see a retest of 18. xx -3.70% in the very near future.
I shall be re opening long on re test and rejection of any of the fib levels that we passed on the way up. I think this will be the 38.2 as price has reacted very well from our last analysis. However we are getting overdone on lower time frames after most recent move and charts don't move in straight lines.
So the plan is re open at rejection of 17.16 and if this level fails then re open at any of the fib levels below.
Targets are retest of most recent high. extended targets are there also and these will be fib and previous structure based somewhere between 18.6 and 18.8
If price does hit 61.8 i will look to increase position size.
Trade active
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