XAG/USD Outlook ICT Concepts
Silver Analysis (XAG/USD)
💡Previous Analysis Review:
In the previous analysis, we expected the price to have a retracement higher and then continue lower to the previous month low. However, the price ran through the previous month low without the expected retracement and is now playing above it.
📍Current Market Overview:
Currently, the price is around 29.0100. The previous week low has already been swept, and the bias is bullish due to this sweep and also because some low resistance liquidity levels have been taken.
🔍 Identifying Key Levels:
The chart highlights several significant levels and zones influencing the current market behavior:
PML: Previous Month Low
PWH: Previous Week High
BSL: Buy-Side Liquidity
SSL: Sell-Side Liquidity
📊 Key Considerations:
Current Price Position: The price is trading around 29.0100, above the previous month low.
Previous Week Low: The previous week low has already been swept, indicating a potential bullish bias.
Low Resistance SSL Levels: These levels below the current price have been taken, contributing to the bullish bias.
📈 Bullish Scenario:
Given the current price action and key considerations, a bullish scenario is possible if the following conditions are met:
Sweep PML: The best scenario for long positions would be a sweep of the previous month low.
Continuation Higher: After sweeping the PML and taking out low resistance SSL levels, we can expect the price to continue higher.
📉 Bearish Scenario:
A bearish scenario should be considered if the following conditions are met:
Key BSL Levels Taken: For any short positions, we need the key buy-side liquidity levels to be taken first.
Create Low Resistance BSL: Alternatively, if we create low resistance BSL levels in the lower time frame, a sweep of those could give us a short position towards the previous month low.
📊 Chart Analysis Summary:
Bullish Expectation: The expectation is for the price to potentially sweep the previous month low (PML) and then continue higher.
Bearish Expectation: For a bearish scenario, we need the key buy-side liquidity (BSL) levels to be taken out first, or the creation and sweep of low resistance BSL levels in the lower time frame.
Understanding these key levels and the current market behavior helps in making informed trading decisions.
💡Previous Analysis Review:
In the previous analysis, we expected the price to have a retracement higher and then continue lower to the previous month low. However, the price ran through the previous month low without the expected retracement and is now playing above it.
📍Current Market Overview:
Currently, the price is around 29.0100. The previous week low has already been swept, and the bias is bullish due to this sweep and also because some low resistance liquidity levels have been taken.
🔍 Identifying Key Levels:
The chart highlights several significant levels and zones influencing the current market behavior:
PML: Previous Month Low
PWH: Previous Week High
BSL: Buy-Side Liquidity
SSL: Sell-Side Liquidity
📊 Key Considerations:
Current Price Position: The price is trading around 29.0100, above the previous month low.
Previous Week Low: The previous week low has already been swept, indicating a potential bullish bias.
Low Resistance SSL Levels: These levels below the current price have been taken, contributing to the bullish bias.
📈 Bullish Scenario:
Given the current price action and key considerations, a bullish scenario is possible if the following conditions are met:
Sweep PML: The best scenario for long positions would be a sweep of the previous month low.
Continuation Higher: After sweeping the PML and taking out low resistance SSL levels, we can expect the price to continue higher.
📉 Bearish Scenario:
A bearish scenario should be considered if the following conditions are met:
Key BSL Levels Taken: For any short positions, we need the key buy-side liquidity levels to be taken first.
Create Low Resistance BSL: Alternatively, if we create low resistance BSL levels in the lower time frame, a sweep of those could give us a short position towards the previous month low.
📊 Chart Analysis Summary:
Bullish Expectation: The expectation is for the price to potentially sweep the previous month low (PML) and then continue higher.
Bearish Expectation: For a bearish scenario, we need the key buy-side liquidity (BSL) levels to be taken out first, or the creation and sweep of low resistance BSL levels in the lower time frame.
Understanding these key levels and the current market behavior helps in making informed trading decisions.
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