Trade for Monday : Buy the Silver Price: Long-Term Trade.
Updated
https://www.tradingview.com/x/xmFhAPKP/
Silver is about 9% off it's high price for 2024.
I see this trade as a longer term setup going into September.
Daily & Weekly Charts are very supportive of the Silver Price.
Stop Loss: 28.45
28.45 is right under a fair-value-gap from a bullish candle that formed on 16th Augt. recently.
28.45 is about 4.83% under current price, so represents a very good R:R as we take this trade up much much higher.
Entry Level:
To be determined during European/London session during tomorrow (Monday trading)
Silver is about 9% off it's high price for 2024.
I see this trade as a longer term setup going into September.
Daily & Weekly Charts are very supportive of the Silver Price.
Stop Loss: 28.45
28.45 is right under a fair-value-gap from a bullish candle that formed on 16th Augt. recently.
28.45 is about 4.83% under current price, so represents a very good R:R as we take this trade up much much higher.
Entry Level:
To be determined during European/London session during tomorrow (Monday trading)
Trade active
XAG USD (Silver)
* Trade for Monday.
I will be holding this medium-term...
Well, provided I don't get stopped out!
Stop Loss: 28.45 (4.83% under current levels)
* Be aware there are double-tops on the higher-time-frames, but price looks very strong to push right through the resistance in Monday trading.
Cheers,
Chris.
Note
Entry Price to be determined.
I will update here, if you want to take the trade.
* Trading is risky. Don't rely solely on my investment advice.
Note
At 10am in Friday's New York session, a very bullish 15m candle was written and price then retraced and rebalanced this candle, before moving strongly up onto the yellow 9 EMA where price found plenty of support. Towards the end of New York session on Friday price entered a bullish contraction phase & zone. I see price breaking higher from this zone quite early in probably the European session.
If you go back up to the daily chart you will see that the Daily-candle on Friday also just nudged north of a huge purple triangle which is only partly shown.
Trade active
Tuesday Asia session. We had a bullish breakout at the 29.92 level.
Buying on a pullback-retracement at any level above 29.92.
This is doing a Fib retracement right now back into 29.92. Perfect buy order.
Trade active
Stop Loss 29.75
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