A practice in hindsight charting... part IIAnd here is silver's epic move played out... never quite as imagined.
QI1! trade ideas
A practice in hindsight charting...Silver Future's Quarterly EPIC breakout from Q1 2004...
What if I was the same charter I am today back then, would I of seen the epic move about to unfold?
Silver is Ready to Reverse Downward trendSilver seems to be left behind amid major interest for crude, aluminum and natural gas. While silver prices are ending the week with quite a strong upside move showing intentions to leave a downward channel that has been forming since June 2021.
Let’s take a closer look at the silver price chart and start with the “Morning star” candlestick pattern that has been forming on a weekly timeframe chart for the last five weeks. In this pattern the “Morning star” is presented by three candlesticks in the same area. And this pattern is formed close to the strong support level at $22.06-22.12 per ounce. This support level was confirmed in September and November 2020.
It is worth noting that the downward movements since September 7 have been in a form of a downward wedge that is considered as a reversal pattern. Moreover, the resistance of this pattern is already broken to the upside. Considering the height of this wedge, we may have $24.84-24.94 per ounce as a target for silver prices. The second target, considering the width of the wedge, may be projected at $25.60 per ounce.
At the moment silver prices are trying to break the resistance of the 4.5-month downward channel. And for this to happen prices should reach $23.90 per ounce.
We may see multiple technical upside signals on the daily and weekly timeframe charts.
My forecast is that silver prices may reach even $26 per ounce in the coming weeks to meet the resistance line formed by January and May peaks. If the $26-26.30 landmark would be broken we may have room for further upside movement to $29-30 per ounce. In this case, the upward trend would be established and we would have an upside movement to the height of the consolidation that started in June 2020, and that would guide us to $36-37 per ounce.
James Anderson, Chairman and CEO of Guanajuato Silver Company suggests that silver prices may reach $40 per ounce by the middle of 2022. "If we have a weak economy coupled with a drive towards needing and using more silver, you're going to have base metal mines shutting down that produce silver as by-product, just as an enormous demand for silver comes to the fore," he said. "In that environment, you could easily see silver go to the $40 price range. But it is more likely we will see silver at $30 before it hits $40. I can see it hitting $40 halfway through next year."
Russell2000 Silver10.13.21 Russell is contracting. What happened in silver over the past 2 1/2 days is very important, it is very important to think about how you could've made improper trade decisions if you had not made certain evaluations in real time to guide your decision as to whether you would stay in a market or trade out of that market. In very simple terms, if you find yourself exiting a market when you are along and you want to avoid loss, but the market actually stops and read verses at the very area you were closing your long position, you really have to study why your perception was that the market is going lower when in fact it went higher. Two days ago I was about to tell you to get out of a profitable trade to avoid loss, and that could be a sensible decision if your primary concern is fear of loss... but it's really important to determine if you ever looked at the market more objectively... to think back and ask yourself if you really notice that the market was at support and was potentially still supported by buyers... which turns out to be the case. It is important to recognize that there is such a thing as "errors in judgement", and that this can be due to you failure to recognize what you needed to think about because of your biases....regardless whether you make money or not.
alterative way to read the market and respond to it.10.12.21 This is a discussion of how to overcome some of the psychological challenges in a market that is taking away profit, and processing actual information from the chart to manage our trade decisions more effectively. I believe this is something that doesn't come naturally, and that this is due to the stress from potential loss, and the inability to characterize what's going on in the market more objectively. In other words more objective analysis can minimize overwhelming fear of loss and allow you to be less impulsive, and to even be more strategic... and actually think like a buyer and the seller when the only thing you would do in the past would be to be a buyer or a seller. The silver chart is the example.
SLV Longterm TrendThis can take a long time as this is on the monthly chart. Maybe 3-6 years or something. There is some symmetry here and what looks like the start of a new uptrend. As long as the trend will continue we will reach these targets.
$si $silver another leg down expectedDownside expected for Silver
Silver should be heading down towards the 19.60 level.
It has gone 26 days down and 9 days up to 50% level.
a good entry for selling would be below the oct 8 bar.
Silver isn't as volatile as gold in terms of prices and you won't experience the wild swing in gold as seen on Oct 8
I am expecting gold down as well around Oct 13
Silver: Landing! 🪂🪂🪂The bearish trend continues for the silver price. As long as the price remains below $24.94, we expect it to decline further. In total, the silver price should fall below $20.54.
Be patient!
New trading strategy upgrade - Silver
Hi traders, this is my personal trading idea only. Please give an AGREE/ LIKE, my trading strategy is Price Auction - using Chart only, your comments are highly welcome. My chaos drawing is not to predict and guess the further, it is my plan where we are on the chart and how we shall trade on what we see. Good luck guys.
Silver 12y BULLFLAG, stay tuned for the seriesNext target is $40, that's coming out of the IH*S internally.
IS a conventional bullflag. Have a core downchannel, now building on that support to the top-right corner to BO. DOn't expect whips below core channel - UNLIKE 1y silver consolidation, 1y sideways continuation pattern, no structure HENCE needed to hit the bottom-right corner to generate the power for the upmove.
Tee purple is the actual flag boundaries, so break that and ka-pow!
But before then, expect ~$40 then a backtest.
Wait annd see teh next few piccies. YOur mind gonna be blown!
Silver Potential reversal Silver possible reversal . Wedge pattern and support zone. first target wedge upper trend line and after break may be massive spike possible.
Silver10.1.21 SILVER : This is what a good reversal pattern looks like in my opinion. Ideally, we'd like to get long at the bottom, and now I'm showing you the chart a day later, and a day late. In a practical sense what the market did after he made a low helps define the reversal pattern. Therefore it may be forgivable that we give up precious points because we weren't there for the bottom, or we didn't have conviction that it really was a bottom until it moved higher. But this video has some more important message because the behavior of this market before it made that final move lower to a reversal bar... Which is always going to be a factor as long as you trade "why didn't I get in at the very bottom"..... the video is about battling the market when it was contracted for a week or more and all the things that are going to frustrate you, set you up to make bad trading decisions in a very unclear, contracted market, and cost you a lot of money and even cost you more psychological capital. The video will explain further. Training is not an easy business, one of your greatest liabilities is your propensity to make trading decisions in an unclear market, and not knowing what the signs are for this kind of market. The market's message isn't always clear, and it's not always intuitive, and this is where you may want to spend time looking for the connection which helps you make better trade decisions... and this includes holding off from a trade until you find the clue that increases your probability for success.
Silver keeps SHORT.Hello Traders
The future of silver (SI) is likely to remain short.
On the weekly candlestick, chart you can see the fast volume indicator just gave a bearish signal.
The slow volume indicator continues to confirm the short trend.
Waiting for the price to close today, right now it is losing the 38.2% fibo of the marked segment. If the price closes below there is a good chance that the price will continue to look for shorts at least until the 50% fibo.
On weekly candlesticks the short volume indicator does not say that volume is stopping as both volumes fell below 0 and the quick volume indicator confirmed the shorts.
Have a good day
SILVER ShortShort on SILVER With a TP1 at 21.75.
Due to the china public holiday (Golden week) expect low volatility and weakness in the Asian-Pacific session, so from that level we could see more liquidation, before reversal either the 7th or 8th of October.
Silver Cup and handle pattern on 30 Min chartIf USD index support it may give breakout which may go upto 61500 in next session
Silver LongGood indicators in Tradingview, looking very promising, take time to study the indicators and how they will work, once again thanks to Trading View mangment
#Silver testing the 2008 High!With regard to all this money printing that occurs and continues abound
I equate this price to picking silver
like it was priced around 5 dollars
good time to pick up some silver eagles (if u can find them)
