Silver just broke out of a pennant after completing a Wolfe wave on a large time frame and coming back inside its range.
Here is a chart to illustrate my point:
Here is a chart to illustrate my point:
Note
There are 2 types of entries here. You can wait for a range to form at the new support to make sure that it doesn't run through like a wolfe wave pattern, or you can wait for new highs to register in at 15.65 and then get in on momentum or after a test. I don't think entering now blindly is a good idea because we need confirmations. If we hold however, I think it will be a multi-week position trade with optimum risk vs reward potential.Note
I made a video explaining the rationale behind this potential trade and my approach to trading patterns and risk management in general.youtube.com/watch?v=_HaTP8un4Go
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.