⚠️ A countertrend trade is a trade that is made against the prevailing trend. This means that the trader is betting that the trend will reverse and that the price will move in the opposite direction of the BIG PICTURE trend. Countertrend trading can be a very profitable strategy, but it is also more risky than trend following.
Or choose your TP based on the ATR of your favorite chart:
ATR = Average True Range 1 day = 20 pips 4 hours = 10 pips 1 hour = 5 pips 15 minutes = 3 pips 5 minutes 2 pips
TECHNICAL ANALYSIS:
The XAGUSD pair is currently trading in a range between 21.52 and 26.12. The price has been consolidating in this range since March 16, 2023, and it is not clear which way it will break out — below 21.52 or above 26.12.
Support and Resistance:
However, PA "kissed" the main Support level at 22.09, and it broke the main Resistance level is at 25.17. If this "odds enhancer" works in our favor, we should see a BREAK OUT to the upside above 25.17.
INDICATORS:
P2P INDi — Annotates Curve Analysis — Pivot High @ 26.12 — Pivot Low @ 21.52
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.