Xagusdlong
Potential short-term long play on silverYes, that's a confusing title.
This is a potential shorter-term long play. On the 1H chart, XAGUSD is at an interesting level. The horizontal blue line indicates the previous swing low and it clearly acts as a support level that seems to hold. We can see a relatively nice downtrend with multiple swings, while the trend is now in the overextended territory as well (I haven't added Fibonacci extension levels, but it's well over 200% now).
However, it appears to be changing direction. From the past two trend waves, we can see that there's RSI divergence. The initial test of support (after the French election result) was strongly bought but the market faded the push higher and wanted to go for another test. The second test of the support level went the same way up, visible by the strong bullish bars that followed it. This created a double bottom, one of our favourite reversal chart patterns.
By now, this starts to look like a classic rounding bottom reversal. Currently, the price is testing lows again and I hope that it makes a higher low, as this would confirm our suspicion that a reversal is underway.
What I'm still waiting for is the momentum push upwards. A strong bullish bar, potentially taking out some of the previous ones, would be the trigger for me to take a position. If the price does decide to move lower, we just do nothing. For now, as always, we're in waiting mode.
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SILVER (XAGUSD)Having broken the 50% retracement, silver is likely to march onwards in pace with gold.
Longer term sentiment is bullish with stocks in silver producers Coeur D Alene Mines (CDE), Silver Wheaton (SLW) and Hecla Mining (HL) have gained roughly 90% in the last 3 months
Silver about to rallyWe are about to start a long term silver rally where silver could hit near 100 or higher.
continuation of the 3rd wave ?big move about to happen? I don't understand the fundamentals behind it. i only trade price action so if someone who agrees (or disagrees) could comment down below on the possible fundamentals that could cause this move let me know. #one year in the game
Silver count continuedStay long in the channel .. this pattern looks like a bull flag which tends to break up wards.
Stops can be moved up to just BELOW 18.20 as that is the last 4th wave now.. best to keep it under the trend line if you can ..
Invalidation is a break of 17.913
Safe trading everyone.
Silver count long whilst in channel moving your stops upThe 4th wave there is overlapping the first wave a little (breaks the rules).. however for the purpose of this count lets just accept that it is the fourth wave.. on retrace it should go back to the trendline to test it again and the blue arrow should be the first of the more powerful moves up.
Stops should be below the trendline - and should give it some over shoot room... at this stage around 18.154 looks safe..
If price breaks under the trendline best to sit out.
Invalidation of this count - 17.919 -
good luck be careful with your trades
Silver Short on E LegLooks Bearish As i can clearly see bears selling at top and no sign of bulls here same for gold as well short at price around 18.050 is nice price as this is very expensive now and no one like to hold this trade on long side.
Good luck Muze(xag/usd)
XAGUSD looking for LONGXAGUSD has been consistently growing on the Weekly timeframe:
We closed last week with an indecision bar; however, the fundamentals should point higher and the Daily timeframe is still on an upward trend, so this might be a physiological retracement.
Let's see where the 4-hour chart brings this moment of indecision to see a clearer direction, which could make the price rebound to the upper trendline (also just below the 50% Fibonacci) somewhat below 18.40
The main trendline (violet in the chart) should anyway hold on the Daily.
XAGUSD looking for LONGXAGUSD has been consistently growing on the Weekly timeframe:
We closed last week with an indecision bar; however, the fundamentals should point higher and the Daily timeframe is still on an upward trend, so this might be a physiological retracement.
Let's see where the 4-hour chart brings this moment of indecision to see a clearer direction, which could make the price rebound to the upper trendline (also just below the 50% Fibonacci) somewhat below 18.40
The main trendline (violet in the chart) should anyway hold on the Daily.
Silver lower high bottom in december 2016?I think silver is on its way to confirm the bottom that was set in december 2016. I don't think that is quite confirmed yet because silver is sill ranging in the downward trend since the peak in 2016-07-04. But I can see two potential inverse head and shoulder come into play.
First play: If silver closes over 17.20 these three coming trading days, I would expect a fast run to 18.50 before any resistence (won't be looking for any trades here since no PA). But I will look to short at 18.50 if opportunity occurs. And after 18.50 is reached I will expect a correction to 17.10 since its the breakout line, right shoulder and the 50% fib correction level from the bottom (16,62-18,50).
Second play: If the silver decides to have its correction now I will be looking to long at 16.20 level because of the potential right shoulder (will need PA to confirm though).
XAGUSD potential bullish gartley and cypher patterns on 4H chartgartley: buy @16.740
cypher: buy @16.294
