XAGUSD Short term Short Idea
Updated
On the H4 TF, it appears silver is forming a 5 wave move to the upside and is
therefore providing short term exhaustion moves to correct its extensive
spikes. I am net long in terms of momentum bias, as there is strong speculation
for buyers to soon respond and push value up to $18.6. According to my chart,
$17.3 is a retest level for the recent double top pattern of which is confluent with
the 61.8% fib of leg 0-A of the corrective ABC structure.
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therefore providing short term exhaustion moves to correct its extensive
spikes. I am net long in terms of momentum bias, as there is strong speculation
for buyers to soon respond and push value up to $18.6. According to my chart,
$17.3 is a retest level for the recent double top pattern of which is confluent with
the 61.8% fib of leg 0-A of the corrective ABC structure.
If you enjoyed this post please hit the like and follow buttons to receive more of my work
I would highly appreciate your views as well, please feel free.
Trade active
Trade closed: stop reached
Initial pending order was not triggered upon market opening. Price then reversed to entry point and the trade was executed. Price moved in intended direction and stops were moved to break even only to be stopped out by the reversal of price.
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