Long

Silver XAGUSD is breaking out for a Long

Updated

https://www.tradingview.com/x/iARON2wI/

I mentioned during yesterday Sunday, that I was very bullish on the Silver price at the moment.

It appears to breaking out right now through Tops resistance on the Mid-timeframes.

Look for a price retracement for a Long buy.

I will get a trade organised in Silver probably closer to the New York session.

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29.90 or thereabouts would represent a 50% retracement

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29.62 would be a tight SL

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I can't see its price retracing back to near 29.62 because its 9EMA is crossed above the 50EMA & it's price is very strong right now

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9EMA above the 50EMA on the Daily I mean.
Another option for a SL is 28.90, less aggressive.

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Something tells me that Silver is not going to see a price under $30 for quite some time until at least until the big correction later in the year.

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We are Long Silver Guys. As discussed yesterday, the Silver buy was coming today.

My latest chart below Daily for XAG USD.
Notice how the 9EMA (yellow) crossed up above the 50EMA (dark blue). This is always a bullish cross on any timeframe but particularly on the Daily chart. Vice versa it can help you to understand when you may want to SELL when the 9 crossed back below the 50 on the Daily.

The chart also has the next resistance zone, but that does not start until around 29.30.

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On the POTTER-MACD notice the bullish cross-ups on these charts respective MACDs.

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Plus, on the important Weekly Chart you always want to monitor overbought & oversold levels & we see that Silver is not as overbought as Gold.

Silver price is also about 7.93% below it's 2024 high whereas Gold is much higher up.

So long as we have no headwinds the next couple of days or sell-offs, we should be able to run our entry price today much much higher & utilise a loose trailing Stop.

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We still have our Palladium Trade. XPD USD. It broke-out earlier in Asian session but price retraced back below neckline of 4HR Head n Shoulders Pattern. This pattern has retested already and I think it will break out very soon.

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Another BUY entry coming Up for Silver

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If you have just started trading in New York. Earlier we took Long positions in Silver XAG USD and price broke out nice. But since price has retreated and price looks to be coming into another buy zone soon. Standby

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We have this beautiful 4HR chart for Silver. See the bullish Cup and Handle.
This looks very strong Silver to continue its move higher today.

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For the Silver trade coming up... I would get you an entry price soon.
If you are not accumulating and what a defined stop loss in Silver.
I would use the SL level of 28.40 in XAGUSD.
I'd recommend risking 0.25% to 0.5% of your total capital. But that is of course a matter for yourself.
Standby for a Long Silver

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The 28.40 Level is right under a Daily Fair Value Gap so it is quite proteced.

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This next Buy into the Silver Price. I might wait for another 30 mintues when there is some reasonable important financial data getting released.
Atlanta Fed GDPNow (Q3)

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Standby for a Long-trade in the Silver price.
Stop Loss will be 28.40 (if you are not accumulating)
Please see Daily & Weekly charts below.
To me these charts look very strong and healthy for further rising price.
What I really like about the left chart DAILY is that the 9EMA (yellow) has made a bullish cross above the 50 EMA (dark blue)

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LONG SILVER XAG USD:
Guys, I don't think this data due out in 10 minutes will have a great impact. It is medium risk data.
So, you could start now with a couple of Buy-Limit orders for XAG USD, IF you would like to take this trade with me.
Place BUY-LIMIT order @ 29.65 to 29.67
STOP-LOSS order at 28.40 (which is under that FVG on Daily Chart)

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The Silver price is currently getting support around the 29.80 level but there could be a slight drop-down before its next move up.

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RE: Silver... I am just waiting for it to sell-off a little more & if those buy-limit orders don't trigger we can change to them to BUY at Market with the STOP still the same @28.40. If you want to be a bit more conservative you could put a Stop Loss @ 27.95.

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Long Silver or Gold:
Guys both the Gold price and Silver price are currently hedged underneath a couple of bearish fair-value-gaps (which are created by big impulsive move institutional sellers and buyers). Basically when you see a really fast and long candle form and a sequence of 3 chances are it will become a FVG zone.

It does not mean the Gold price will sell off.

t just means the price has some resistance. When price eventually breaks through it can be very bullish.

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The other thing I see for Silver.

On the 4HR there is still a handle getting written on the bullish CUP.

Why buy on a break of the neck later. We got in at a better price.

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4HR Cup n Handle Pattern

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Price is now getting some support from a massive Bullish 4HR FVG which I am hoping we can lift out of upwards soon.

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Where I orignially had your orders 29.65, I should not have 2nd guessed myself. It seems like the logical spot where price will bounce out of because it is also a little Buy-order block and support zone.

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Long Silver:
We seem to be getting some support on the 15M Oscillators. The hourly & 4hourly Oscillators are a bit bided up and overbought from all the buying in Silver.
In any case, the Daily chart and weekly chart for silver looks very good at the moment for price to continue up.

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A bullish W/bottom is just about formed on the 1-3M. We have the hourly RSI and Stochastic underneath price giviing support so things are looking good.

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We are still long SILVER price:
On this 3m chart price got support on the yellow 9ema & light blue 20ema and broke above and out of the green consolidation box. Price has crossed the neck of the bullish w/bottom however price loves to retrace and bounce about before a clear path is formed and then a bit further up the chart a break of the 4HR cup and handle neck line should take price to retest its earlier highs.

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Long Silver ..... Still!

So I"ve been watching this 1HR chart of the 1hr Stochastics at the top and the 1hr RSI at the bottom. (Don't use 14 on your RSI.... I use 5 or 6) Stochastics use default numbers across all timeframes.
Now the RSI at bottom of screen is nicely oversold and creating a little divergence with price & Im waiting for the Stochastics to get oversold a little more to properly cross/down under the 20 line and then to press/up form/up under the 20 & when the Stochastics crosses upwards the 20 sustainably we should get a run in price.

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It is always the Stochastics that gives the buy signal,, however often they will cross out of oversold together.

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This cross/up (buy) & cross/down (trading) that I had to learn myself because nobody else seems to trade with it or more than likely many pro-traders are unaware of its existence, see on the hourly below how last Thursday the RSI formed a beautiful oversold zone under the 30 & the stochastics under it's 20 zone.
Next see how they crossed up simultaneously and the next rally in price commenced last Thursday. It's simple effective trading that works on the 1hr timeframes and upwards. Big big money can be made on the weekly timeframe.
Notice sometimes in price action there is a sharp sell off and price quickly turns around and goes to the moon.. The price sells off so that the Rsi and Stocastics gets into its oversold condition and then the magic of the cross/ups begin. As I said earlier the buy entry CUE is always taken from the Stochastic crossing up 20 or crossing down 80 for a sell. But always look for other confluences to support this setup.
Soon there will be a drop in price and I think this setup will occur hopefully before Xmas.

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We are currently heading through the 4hr neck price to then retest 30.18 which I'd expect us to break today. This break above 30.18 and I don't think Silver will retest the 30 Level again for quite some time.

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A break above 30.18 would also be bullish because it's also a break of. this massive rising wedge. Price like to retrace out of rising wedges sometimes. But that would be a Fib retracement I think.

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Long Silver Trade: We are still Long.
Consider moving your Stop Loss to 29.80.
Analysis for today below. Price needs to break through this contraction zone, however price is being supported by converging EMA's. Price will probably retest todays high.

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Stop Loss 29.70 is better.

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Continuing in Long Silver:
If you are only a day trader consider taking profits as we head up to retest the Asia session high price in Silver. My feeling is that we might even break through it soon.
ADJUST S.L: 29.80

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CORRECTION: BRING STOP LOSS TO 29.90.
We have just broken through a key level for the 2nd time today....30.
I doubt we will retest this area again.

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Hi everyone, we had a good run trading Silver today.
I have closed this particular trade but only to keep my records organised & so that you don't get confused if & when I issue another trade in the Silver price.

I recently moved a trailing stop S.L. to the 29.90 zone. My understanding that the recent swing low was 28.89 so you probably got stopped out. That is disappointing for me that you got stopped out, I would've liked to see you hold & accumulate at this so close stage going into USA highly probably interest rate reductions commencing in the middle of next month in the USA.

But if you did get stopped out & you bought silver at around the 29.65 to 29.80 zone with my recommended S.L point at 28.40, then forgive me if I'm wrong but it seems it would've at least been some profit today. I know that looser S.L's reduce your profit return but I have to act responsibly as a trader giving alerts and allowing you to follow the same trades I mostly take.

If you are still Long Silver then I encourage you to accumulate because I am close to 100% certain that the Gold price and Silver price will be surging at much higher levels than where we are today & I mean much higher levels within the next 3 weeks.

Often when you trade this way accumulating and it's what I like to do and I DON'T use a Stop-loss at all, I accrue Gold and Silver in small lot sizes so for example currently I have about 21 positions in total precious metals predominantly Silver. That said, small lot size in lots of 21, when the Gold or Silver price goes against you unless you are fortunate enough to have the volition to promptly get SHORT, your account can very quickly go from wonderful unrealised profits to scary and psychologically damning negative levels sending you quickly into margin-call.

But I try to be responsible & I think it is unethical for me to advise and encourage you to NOT use a stop loss. We saw what happened about a month ago when the VIX index surged, everything sold off including the Gold price.

However, it is a matter for yourself and I think it is always number 1 rule to preserve your capital so that you can 'play tomorrow'. Play as a trader but also to play in your own lives and to not go broke like some traders do and to have to learn that hard lesson.

If you do accrue without a S.L in precious metals trading, one way that I like to approach this style of accumulation trading is to first try and establish a good 'buffer' between your entry prices & the current market price.

When this buffer zone between entry price and the current market price is substantially large enough and at least a 10% margin buffer-zone on any 1 current trading day, meaning current market price is at least 10% above your slackest position, then a loose stop-loss can be deployed. But you run the risk of still getting stopped out if the market goes against you over several days in Gold trading and it does happen, for example a bearish head n shoulders on a 4hr timeframe.

We are in a gold-bull market right now as we head into next months highly possible interest rate reduction in the USA so accumulation in Gold and Silver may work for some. But using a Stop-loss is always the preferred way to trade because the current trading cycle is very unique especially in trading gold compared to equities.

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Aussie Tuesday session:
This has sold off considerably. I am watching very closely as price comes down into a BUY very shortly. I might create a new thread.
Chris

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Aussie Tuesday Session - Buy order soon in Silver

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Tuesday Asia session update on Gold price.
Please click on the chart below which is silver...then scroll to the bottom of thread for an update on the important gold price in Tuesday Asia.

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