XAGJPY Long
On a weekly chart, Silver is showing strength after breaking out of a long term wedge, retracing and bouncing off the top line of the wedge. Why against the yen? Because of the extreme yen weakness that is likely to continue in the coming weeks/months. Note this is a log scale.
Target: ¥5450, a 72% move up from here.
An early entry now gives a great RRR. If stopped out, look for reentries asap. Will look for green bar soon to confirm the trend as per the trading system.
Simple system: a green bar signals new bullish leg. If its high or any subsequent bar's high is broken, go long, until a red bar appears which cancels the signals. Vice-versa for a new red bar.
Target: ¥5450, a 72% move up from here.
An early entry now gives a great RRR. If stopped out, look for reentries asap. Will look for green bar soon to confirm the trend as per the trading system.
Simple system: a green bar signals new bullish leg. If its high or any subsequent bar's high is broken, go long, until a red bar appears which cancels the signals. Vice-versa for a new red bar.
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