Silver price in the purple box what should we do
Hello all,
So now we are in the purple box.
My suggestion is continue to wait.
a) Price to break the red trend line above it - we long as soon as 17.30 becomes support or price is crawling above the red trendline
b) Price retests the red trendline and falls to break 17.30 and moves to 17.00 on the break of 17.00 you should short
Your stops -
If you are long - your stops should be around the 17.00 mark
If you are short your stops are near the 17.60 mark
Targets -
Long should be above 18.60 (50% take profit) and 19.38 (100% take profit)
Short is somewhere around 16.1 or 16.2 maybe lower.
Longer term still indicating higher prices.
thanks all!
So now we are in the purple box.
My suggestion is continue to wait.
a) Price to break the red trend line above it - we long as soon as 17.30 becomes support or price is crawling above the red trendline
b) Price retests the red trendline and falls to break 17.30 and moves to 17.00 on the break of 17.00 you should short
Your stops -
If you are long - your stops should be around the 17.00 mark
If you are short your stops are near the 17.60 mark
Targets -
Long should be above 18.60 (50% take profit) and 19.38 (100% take profit)
Short is somewhere around 16.1 or 16.2 maybe lower.
Longer term still indicating higher prices.
thanks all!
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