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THE SHARP SILVER STILL STANDING STILL :} how?The finest industrial metal of the world refusing to give up its value on the daily chart. With the growing demands of material goods, made out of industries in this digital saga: It is used for jewellery and silver tableware, where appearance is important. Silver is used to make mirrors, as it is the best reflector of visible light known, although it does tarnish with time. It is also used in dental alloys, solder and brazing alloys, electrical contacts and batteries. Entry on every support terrain wont need vaccination later for this future gold class asset.
TVC:SILVERLong
by TheSouthernRock
Gold potential double bottom, Part 2Previous analysis we caught the low of this big correction. So far looking almost perfect. We bounced up very nicely from the bottom and we are up 15/20 points already. The double bottom neckline has just been broken as well. Still below that resistance line, but it should break this week. From now on i want to see it stay above the 1281/3. A drop below that level would endanger the whole plan. Ideally we stay above the 1284/5 even. Yesterday i gave an update in my public channels at 1283/4: For the ones who entered the gold trade, up 15 points now, you can increase and put stop around 1276 (or around average entry). We might be doing part 2 of the double bottom now I would usually do 2 stops with a trade like this, like now around 1282 and one around 1276. To have it all around break even in case it fails. If the plan does succeed, it can become an amazing trade if we can reach the 1310 target. Now on the right we can see what looks like a bullish wedge or maybe a big bull flag. That one shows even more potential. But one step at a time Please don't forget to like if you appreciate this :) Previous analysis:
TVC:GOLD
by botje11
Gold potential double bottom Usually, for an H&S, you don't want to see the right shoulder get below the low of the left shoulder. The right shoulder is getting a bit big now, but it's low time frame so it can still happen. This is how i sometimes find my setups, seeing a pattern in the making, then zooming in to find some confirmation for it and that i strike when i get enough confirmation to validate my R/R For this one, don't forget we have the mid-term trend against us right now. So i always adjust my sizes on these facts. As mentioned (in my channels), safe play is waiting for the neckline to break. On the left we can see a potential double bottom as mentioned, those 2 wicks at the lows can be big signs sometimes, so together with this inverse H&S, trying to catch a nice entry on a potential great trade. Because if the double bottom is real, the target is around 1310. But a big road ahead before we can start to think of those prices. So what i tend to do is, risk a small size at the breakout, when seeing a good bull flag around the neckline of the W bottom (like i showed with ETH a few days ago), than i increase the size. So risking a small amount for a potential big trade. Also when looking at my previous analysis, it seems to be finding support at that trend line. Previous analysis:
TVC:GOLD
by botje11
4
Silver Wedge at long term support, Part 2Silver formed another smaller wedge inside of the big on one the left. So it is still moving inside the long term plan. Previous analysis a suggested another drop would happen, which it did. It bounced up and down a few times, but eventually took another drop. Was difficult to judge what it would do on that low time frame. That's why having a plan is important but also knowing if you play the low time frame or long one. I did not want it to drop below the green, keeping that long term support intact. Now we can still see a double bottom form, meaning coming week or 2 we will go test the low again. But the wedge on the right suggest the market wont wait for it. Target of the wedge is around 15.3, so if that gets reached, we will very likely have set the low for the coming months. Previous analysis:
OANDA:XAGUSD
by botje11
5
Gold double bottom at support zoneLooks like Gold is making a double bottom here. The right part of the pattern is dropping a bit too fast, but it could slow down. With a double bottom, we want to see the left and right side of the pattern have the same size in time. So we want to see it move to the low in that blue circle, something like the red line. Now this is no exact science, but this is how it ideally plays out with a double bottom. The target of the pattern is the yellow circle. It could simply turn down again there, but on the low time frame, we usually see some follow through if the rally is fast and strong. So maybe if the red resistance around 1302 breaks, we could see the blue line on the left play out, breaking out of that big triangle. A safe play for a double bottom is waiting for the bull flag (orange circle)against the resistance of the neckline. When seeing a good rally towards that zone, it's almost a 80% sure chance to see it break up towards the target. A max for the double bottom is around 1288. Bigger picture, a break of that level might bring it back down to that 1280 support, if that breaks, very likely to see it drop towards 1265/70. Previous analysis:
TVC:GOLD
by botje11
4