XAGUSD: Silver might initiate a retracement soon
Updated
If you want, you can take the long side, but I anticipate it will be disappointing, IF it bottoms here for a couple weeks. It's possible a retracement in a downtrend starts, but it's not 100% clear just yet.
If over the next 5 days we don't make any new daily low, it'll be confirmed, and might produce a similar price action to the previous retracements.
Taking the long side, you can buy gradually over 5 days, starting today, with a stop under today's low, aiming to risk a total of 0.5-1% once you have a full position after this time passes.
Good luck, and Merry Christmas.
Ivan Labrie.
If over the next 5 days we don't make any new daily low, it'll be confirmed, and might produce a similar price action to the previous retracements.
Taking the long side, you can buy gradually over 5 days, starting today, with a stop under today's low, aiming to risk a total of 0.5-1% once you have a full position after this time passes.
Good luck, and Merry Christmas.
Ivan Labrie.
Note
Following the plan.Note
We can trail stops to the yellow line here: 15.964
RgMov is soaring so we can expect more upside here.
Note
Note
On track, it might go a tad higher still.Note
It took the orange path and landed on weekly resistance now. Let's see if it breaks and the risk off move extends, or, if it tops around here.Note
Very strong rally, see related ideas for the updated chart.Trade closed manually
I closed all silver longs.Note
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