XAGUSD Parallel Channel LONG bias
XAGUSD on the 15 minute chart had price action with a flat top then a VWAP line pullback
into some continuation then rising into a head and shoulders and a fall into a support /
demand zone with some tests of VWAP while underway. At present price sits on
the support zone in this horizontal parallel channel with about !% of range. The ZL MACD
well reflects the price action and has upgoing parallel lines at its terminus. The dual
time frame RS indicator shows both low and higher time frames in the mid-range near
to the 50 level. i see this as a good long trade setup for scalping or day trading especially
with a leveraged forex trade potentially yielding high returns relative to the risk on
the trade. It goes with out saying the trade needs to be managed for breakdown, breakout
for an add and fakeouts of those.
into some continuation then rising into a head and shoulders and a fall into a support /
demand zone with some tests of VWAP while underway. At present price sits on
the support zone in this horizontal parallel channel with about !% of range. The ZL MACD
well reflects the price action and has upgoing parallel lines at its terminus. The dual
time frame RS indicator shows both low and higher time frames in the mid-range near
to the 50 level. i see this as a good long trade setup for scalping or day trading especially
with a leveraged forex trade potentially yielding high returns relative to the risk on
the trade. It goes with out saying the trade needs to be managed for breakdown, breakout
for an add and fakeouts of those.
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