XAGUSD (Silver)
Silver:
Market at low price on Monthly timeframe and known area of U-turn.
Market retesting daily trendline support (RSI divergence)
Market starting process of reversing bullish.
Retail sentiment bullish (most retail traders lose money)
Market completed first sequence of Fibonacci swing, currently in second fibonacci swing bullish. Market currently at 1 Hour high price.
Daily "A" boundary initiated. "B" boundary not yet formed.
With the above I am anticipating daily "B" to form and therefore short term bearish.
After bearish push, retail sentiment will change to bearish and thus course market to start the bullish push after daily "B" swing.
On 1Hr timeframe resistance was tested and market began a Gartley sequence (sub ABCD swing).
Whilst retail sentiment is bullish we can take advantage of this Gartley sequence on lower timeframe towards price 18.454
1Hr fib target remains at 19.276
Only anticipating 1Hr fib push once Gartley is completed, daily "B" is formed and 1Hr at low price.
Market not read for bullish push yet but anticipating market to rally bullish.
Short term: bearish
Long term: bullish
Stop loss below market structure
Take profit 3x my risk
Lot size 0.1 / 0.5
Market at low price on Monthly timeframe and known area of U-turn.
Market retesting daily trendline support (RSI divergence)
Market starting process of reversing bullish.
Retail sentiment bullish (most retail traders lose money)
Market completed first sequence of Fibonacci swing, currently in second fibonacci swing bullish. Market currently at 1 Hour high price.
Daily "A" boundary initiated. "B" boundary not yet formed.
With the above I am anticipating daily "B" to form and therefore short term bearish.
After bearish push, retail sentiment will change to bearish and thus course market to start the bullish push after daily "B" swing.
On 1Hr timeframe resistance was tested and market began a Gartley sequence (sub ABCD swing).
Whilst retail sentiment is bullish we can take advantage of this Gartley sequence on lower timeframe towards price 18.454
1Hr fib target remains at 19.276
Only anticipating 1Hr fib push once Gartley is completed, daily "B" is formed and 1Hr at low price.
Market not read for bullish push yet but anticipating market to rally bullish.
Short term: bearish
Long term: bullish
Stop loss below market structure
Take profit 3x my risk
Lot size 0.1 / 0.5
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