SILVER LOOKING VERY BULLISH|LONG
Whats Up Traders!!!
Here is my analysis on XAGUSD, SILVER
First, after a long downtrend price created an inverted head and shoulders pattern that signals the downtrend is finally coming to an end.
Second, price broke the trend line and came back for a retest followed by a strong impulse move to the upside.
Third, price came back and retested the support level for a second time before continuing to the upside which signals this level will hold.
The fourth confluence is that price broke and retested the neckline of the inverted H&S pattern which is also a key resistance level. Time to start looking for buys!
Look for buying opportunities after the last retest. Set your stop loss below support and set your take profit at the next MAJOR resistance level.
GOOD LUCK TRADERS! LET'S GET THIS BAG! $$$
REMEMBER: THIS IS ONLY MY OPINION FOR THIS PAIR, YOU SHOULD NEVER PLACE A TRADE BASED SOLELY ON SOMEONE ELSE'S ANALYSIS OR OPINION
ALWAYS USE GOOD RISK MANAGEMENT AND PRACTICE PATIENCE AND DISCIPLINE WHEN TRADING.
IF YOU LIKE THIS POST PLEASE LIKE, COMMENT AND SUBSCRIBE!
Here is my analysis on XAGUSD, SILVER
First, after a long downtrend price created an inverted head and shoulders pattern that signals the downtrend is finally coming to an end.
Second, price broke the trend line and came back for a retest followed by a strong impulse move to the upside.
Third, price came back and retested the support level for a second time before continuing to the upside which signals this level will hold.
The fourth confluence is that price broke and retested the neckline of the inverted H&S pattern which is also a key resistance level. Time to start looking for buys!
Look for buying opportunities after the last retest. Set your stop loss below support and set your take profit at the next MAJOR resistance level.
GOOD LUCK TRADERS! LET'S GET THIS BAG! $$$
REMEMBER: THIS IS ONLY MY OPINION FOR THIS PAIR, YOU SHOULD NEVER PLACE A TRADE BASED SOLELY ON SOMEONE ELSE'S ANALYSIS OR OPINION
ALWAYS USE GOOD RISK MANAGEMENT AND PRACTICE PATIENCE AND DISCIPLINE WHEN TRADING.
IF YOU LIKE THIS POST PLEASE LIKE, COMMENT AND SUBSCRIBE!
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.