Xagusdanalysis
XAUUSD: All set for a bullish upward movementI believe that successful trading strategies rely heavily upon identifying consolidation zones. Consolidation zones provide us the right direction of the market. Consolidation happens when a market move sharply upside or downside. Later, a trader can use these consolidation zones to identify patterns, whether it be a continuation or reversal.
It requires attention and care. Rather than turning out to be a factory of producing signals, it is better to sit down and look for a setup. Setups are important because we are planning a trade and execute them on time. If you fail to plan a setup, then you are planning to fail.
Another advantage of trade setup is that we know where to get out and the right time to go in. Know the market. Study the price movements and make your trades.
My charts use price movements, patterns, structures and indicators such as moving averages and oscillators. Trading intelligence is combining multiple knowledge to produce a favorable trade setup and plans.
More high possibility for Silver's upside graspFreshly trading its prices right in-between the 8, 21 EMA and 200 SMA, the XAGUSD (Silver) decidedly formed a bullish fakey pin bar suggesting for the continuation of prices higher. This is a strong signal I'm willing to enter on. despite my ongoing trade.
Optimistic approach of Silver (XAUGUSD)? For the previous days, Silver (XAGUSD) has been on consolidation mode, and pushed towards the highs of the inside bar despite the good number of US' GDP.
Along the levels where XAGUSD currently is is a messy chart. However, as seen on my 1-hour chart, the commodity is clearly above an ascending channel. Breakage of this channel will only result to few higher level. However, if enough catalyst is given for its boost, it may reach the monthly resistance and may possibly form a triple top. It is important to note that this commodity has always been pushed below whenever it touches daily's 200sma. Be careful at that moving average!
XAGUSDToday I am looking at a possible short XAGUSD setup on the Daily chart. There was a bearish engulfing pattern on the daily just below a major resistance area. I am looking for a possible retracement back to the area to initiate a trade. My stop-loss would be above the level of 18.65. My first target is the level of 17.70. My secondary target is the level of 17.70. It really depends on price action around those zones, so should be careful for rejections, which might change my plans.
XAGUSD (Silver)Today I am looking at a possible short XAGUSD setup on the Daily chart. There was a bearish engulfing pattern on the daily just below a major resistance area. I am looking for a possible retracement back to the area to initiate a trade. My stop-loss would be above the level of 18.65. My first target is the level of 17.70. My secondary target is the level of 17.70. It really depends on price action around those zones, so should be careful for rejections, which might change my plans.
Happy Trading,
Short XAGUSDHi guys,
Today I am looking at a possible short XAGUSD setup on the Daily chart. There was a bearish engulfing pattern on the daily just below a major resistance area. I am looking for a possible retracement back to the 18.30 area to initiate a trade. My stop-loss would be above the level of 18.65. My first target is the level of 17.70. My secondary target is the level of 17.70. It really depends on price action around those zones, so should be careful for rejections, which might change my plans.
Bearish SilverBoth a short term and long term position have been cast. I'm still trying to incorporate the fib circles to the charts, but beyond that, even more basic chartism seems to indicate this too.
Silver lower high bottom in december 2016?I think silver is on its way to confirm the bottom that was set in december 2016. I don't think that is quite confirmed yet because silver is sill ranging in the downward trend since the peak in 2016-07-04. But I can see two potential inverse head and shoulder come into play.
First play: If silver closes over 17.20 these three coming trading days, I would expect a fast run to 18.50 before any resistence (won't be looking for any trades here since no PA). But I will look to short at 18.50 if opportunity occurs. And after 18.50 is reached I will expect a correction to 17.10 since its the breakout line, right shoulder and the 50% fib correction level from the bottom (16,62-18,50).
Second play: If the silver decides to have its correction now I will be looking to long at 16.20 level because of the potential right shoulder (will need PA to confirm though).
Silver Broke the Daily Structure, Now What?Silver broke the structure. Most probably it will hit 127% of Fibonacci extension. However, I will wait for a retest to the broken trendline, or a flag or a pennant to enter this trade.
Thank you.
Silver - longPotential long here, however strong bears currently so could well break through and head towards 16 port of area.
