Long

XAGUSD - SILVER - LOOKING FOR THE LONG

Updated

We're looking for the LONG in SILVER - XAGUSD
We have hit the 618 retracement of the previous swing ( 15.12.2021 - 08.03.2022)
We are approaching a 1.272 extension of the last minor swing (28.03.2022-08.04.2022)
There is a buying tail now except we have no real evidence of buyers yet.
We could see further decline to 707 or 786. The 786 happens to match up with the 1.618 ext. This would be a great buying area.
Keep your eye on this one...

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We have reached the 707 and we've found a litle buying pressure.
this could be our first attempt to go LONG

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Our stop is below the buying tail of the previous day - Just below the 1.272 on the 4HR chart....

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On the daily our price had moved up 0.360 and then began to reverse.
We place an alert at the open of our daily bar - should the price reverse back down and start trading below the open we know we could be in trouble and we aim to get out break out. The reversal is shown here on the 4hr chart. On the 4 hr it looks like a big red bar just re testing support but on the daily bar we would have seen a big rejection and a huge selling tail back to the open - that's when you know it's time to get out.

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We look to try again and price is reaching even better support now - 0.786 and the 1.618 ext. A little further below would be even better. We are looking for buys early next week...

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This could be the last big climactic move lower....

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Hopefully we are right and yesterday's push lower was the final push....

enzenator

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