SILVER: Likely going to have a rebound soon
This is a rather complex chart because there's quite a number of waves & patterns to look out for. (Well :) who said trading is easy?!)
So, I draw my perspective basing on the Daily chart.
1) yellow 12345 = impulse wave down
2) Blue ABC = retracement
3) Green 12 = another impulse wave
Right now I'm seeing the end of wave 1 (green line) and forecasting that we can trade the wave 2 (correction).
There's 3 overhead Supply Zones that we can set our Target Profits. I'd think the nearest Supply Zone (smallest red box) is probably going to be the weakest..meaning it's going to break through it rather easily.
So, I prefer to have my TP1 at the middle Supply Zone. Will fully close the position if & when it touch $25 (not going to squeeze the last drop of it)
Always, trade carefully!
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
So, I draw my perspective basing on the Daily chart.
1) yellow 12345 = impulse wave down
2) Blue ABC = retracement
3) Green 12 = another impulse wave
Right now I'm seeing the end of wave 1 (green line) and forecasting that we can trade the wave 2 (correction).
There's 3 overhead Supply Zones that we can set our Target Profits. I'd think the nearest Supply Zone (smallest red box) is probably going to be the weakest..meaning it's going to break through it rather easily.
So, I prefer to have my TP1 at the middle Supply Zone. Will fully close the position if & when it touch $25 (not going to squeeze the last drop of it)
Always, trade carefully!
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
Trade closed: stop reached:
Failed setup
Trade active:
Giving this another shot since there seems to be bullishness coming in from the Daily perspective after the FOMC news
Trade closed manually:
Oh well...looks like broad market is selling off...perhaps due to omicron scare