Trade Recap - XAGUSD Review the trade I've taken on XAGUSD
My trading style is a combination from all of these methods:
Top down analysis
Chart pattern analysis
Supply & demand
Let's start with the analysis which I did on 30 Dec 2021.
Monthly
Bullish flag pattern is formed. With this pattern, there's potential price to break the flag and impulsive to the upside.
Currently on Monthly low in a corrective phase. Monthly low indicate that probability price could go more to upside than downside.
Historical price also show that on this region, price tend to go impulse to upside.
I would target the price to reach the beginning of correction (beginning of flag).
Weekly
Price hasn't break previous bearish structure. The probability for price to go up only for short term and then to the downside again is there. I should aware of the scenario where Bullish W pattern could play-out.
Current price is on Weekly low. Never buy on weekly low because historically the price tend to go upside.
There is double bottom pattern that indicate currently on resistance.
Bullish candle already appear, indicate that the bull is there. So lower potential to catch the falling knife.
The conclusion is there's more probability going to upside than to the downside.
Daily
Bullish M pattern with consecutive bearish candle on the 4th leg. This pattern indicate the bullish momentum.
Clear trend-line (white). Historically price respect the trend-line, so there's probability that it still will respect the trend-line.
Bullish candle appear showing that the bull is there. So lower potential to catch the falling knife.
I draw fibonacci from 3rd leg of Bullish M pattern and will find Supply & Demand zone below 61.8. Also use -27 as Daily target profit.
Clear Supply & Demand zone (white). S&D is a zone that could act as both resistance & support. On this zone I will wait for the entry confirmation on 4H timeframe.
4H
Bullish M pattern with false break on fib completion -68. This pattern inside the bigger timeframe pattern indicate that it align with the bigger timeframe trend, which is uptrend.
Inverse H&S could play-out. This is my confirmation for entry position. I will wait on Supply & Demand zone (grey)
I wait for deceleration and bullish indication before place my entry to minimize the risk.
Place my Stop Loss on the lowest wick that on my S&D zone.
Will increase my position along the way if the price go according my analysis.
Current price
1 Jan 2022
