SILVER (LONG)
"Bullish Butterfly Pattern Completed"
In 4H chart, CD leg is completed at 161.8 retracement of BC leg, formed a Complete Bullish Butterfly Pattern, then it goes up and breaks TL 1. Now price is resting on 1st resistance zone and TL 2.
Move to 1H chart, price tried to break above 200 EMA but pushed down and retested TL 1 and 8 EMA. Price is still moving above 8 EMA, indicates an ongoing bullish trend. Let's wait for more confirmation, see if price can break and close above 200 EMA and I will enter a long position. (Probably will make a higher high then go down to retest the confluence area of 200 EMA, 1st resistance and TL 2 and go up to continue its uptrend.)
TP will be around 16.262, the 2nd resistance as 200 EMA will be moving around that price in 4H chart.
SL will be around 15.880, watch what price action will be doing there to decide on closing the position.
In 4H chart, CD leg is completed at 161.8 retracement of BC leg, formed a Complete Bullish Butterfly Pattern, then it goes up and breaks TL 1. Now price is resting on 1st resistance zone and TL 2.
Move to 1H chart, price tried to break above 200 EMA but pushed down and retested TL 1 and 8 EMA. Price is still moving above 8 EMA, indicates an ongoing bullish trend. Let's wait for more confirmation, see if price can break and close above 200 EMA and I will enter a long position. (Probably will make a higher high then go down to retest the confluence area of 200 EMA, 1st resistance and TL 2 and go up to continue its uptrend.)
TP will be around 16.262, the 2nd resistance as 200 EMA will be moving around that price in 4H chart.
SL will be around 15.880, watch what price action will be doing there to decide on closing the position.
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