Top 5 Weekly Trade Ideas #2 | Silver Bull Flag
Updated
Silver is another interest rate sensitive ticker with a bullish pattern heading into next week's fed decision. It has a nice bull flag on the 1D. It did have a fakeout below, but the lower trendline is still being respected and it closed at the top end of the flag last week. If it breaks above, I'd expect continuation to at least 32.50.
Final target will be around the 37 area based on the flag pole length depending on where the breakout occurs. I'll look to enter longs on a break, or ideally a retest after. Stop loss will be back below the upper trendline if it breaks above.
Final target will be around the 37 area based on the flag pole length depending on where the breakout occurs. I'll look to enter longs on a break, or ideally a retest after. Stop loss will be back below the upper trendline if it breaks above.
Note
Silver finally moved today with a big gap up. It's nearly to my first target already. If it's able to clear that it should be able to find more momentum up.Trade active
It's been two months since I posted this idea. Remember patterns that form over a period of several months can take more than a few days or weeks to develop. So far it's held on several retests and just held on another one today. Looking quite bullish, I expect a big move up now that it has cooled off and consolidated after the initial bull flag breakout.
If it can't hold above the trendline from Feb then I'd start to get more bearish on it. Remaining bullish for now.
AP Academy Beta Registration Open:
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
Related publications
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.