XAG/USD - Three Drives
Updated
Hello traders :) I'm back with a market insight on XAG/USD. Price seems to be forming a valid bullish three drives pattern and I plan to capitalise on its premature formation.
Price completed the 2nd price drive at 15.18 and we may be starting the 3rd price drive once we confirm the 0.618 retracement level.
You will need to pay close attention to price action and candlestick formations in the current area for the perfect entry point.
A clear break and close above the trendline would indicate a move higher, therefor invalidating the pattern.
The maximum level for an entry point would be a 0.786 retracement, ideally I would prefer a 0.618 retracement to keep a symmetrical pattern.
This is a great trading opportunity with over 1:3 risk to reward.
Thank you all for your continued support, don't forget to add me on social media :)
Price completed the 2nd price drive at 15.18 and we may be starting the 3rd price drive once we confirm the 0.618 retracement level.
You will need to pay close attention to price action and candlestick formations in the current area for the perfect entry point.
A clear break and close above the trendline would indicate a move higher, therefor invalidating the pattern.
The maximum level for an entry point would be a 0.786 retracement, ideally I would prefer a 0.618 retracement to keep a symmetrical pattern.
This is a great trading opportunity with over 1:3 risk to reward.
Thank you all for your continued support, don't forget to add me on social media :)
Note
Price has now confirmed the 0.618 retracement level, I'll be keeping an eye for a reversal later today.Note
Both the 0.618 and 0.786 are key resistance areas as shown below.I may hold off until Sunday/Monday to enter depending on candlestick formations.
Note
I'll possibly enter XAG/USD today depending on price movement, it looks excellent right now, a conservative entry would be upon a close outside of the channel.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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