Silver got rejected and did not break the line of support and is already rebounding. RSI shows a potential up move as well. The near term price target is around 18.40. Keep a sell stop just below 17.60.
Note
Everything is going by plan.Trade active
If the price closes above our price target -Close half of your positions to risk-manage the strategy, but leave the other half, since it is a strong bullish continuation signal.
Trade active
Near term price target raised to 18.45.Note
After reaching 18.45 I recommend to close half of the positions and raise the sell stop slightly below our entry, around 17.70. My analysis shows me that the move may continue until much higher price targets into Monday. At 18.45 I will close this idea and upload fresh info. Stay tuned.Note
Typical behaviour of silver, don't worry - we are not standing aside, sell stop is raised to 17.75.Trade closed: stop reached
Very unfortunate trade. If you did not raise the sell stop - I advise you to keep the position. I am sincerely sorry for this mistake, it will not happen again. Silver will still be on a buy signal at a close above 17.80.Note
A fresh update regarding silver will be uploaded tomorrow.
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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.