Hey guys,
Today I am looking at Silver, with a bullish shark formation on the 4 hour time frame. Normally for this pattern I would feel more comfortable if the B point was at least 0.382, but the level of support at the PRZ is very strong. The support is holding as high as the weekly timeframe, which is why I am feeling drawn to this trade.
Shark Ratios are as follows:
C = 1.13-1.618
D = 1.618-2.618
X to D = 0.886-1.13
There have been a few spikes below the support- my stop loss has been placed below all of these (still with a 1:3 risk). As always I will be watching the candles to signal a reversal before entering.
I will update everyone as I go! :)
Good luck guys.
Today I am looking at Silver, with a bullish shark formation on the 4 hour time frame. Normally for this pattern I would feel more comfortable if the B point was at least 0.382, but the level of support at the PRZ is very strong. The support is holding as high as the weekly timeframe, which is why I am feeling drawn to this trade.
Shark Ratios are as follows:
C = 1.13-1.618
D = 1.618-2.618
X to D = 0.886-1.13
There have been a few spikes below the support- my stop loss has been placed below all of these (still with a 1:3 risk). As always I will be watching the candles to signal a reversal before entering.
I will update everyone as I go! :)
Good luck guys.
Note
The strength of the support level is clear to see..
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Related publications
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.