Well it's a rough and tough week for metals recently, many whipsaw appeared on intraday chart on both Silver and Gold. I have close my position on this because there's a weird movement and I prefer to get out and clear my mind.
Apparently, after I closed my position it gives a better-to-be-analyzed chart so I can use my technical analysis knowledge to interpret it. Strong bearish movement after a couple weeks sideways indicating that the second movement could be occurred, and as we can see there's a broadening wedge pattern as the corrective movement is the good sign for preparing short-selling.
I have prepared two scenarios (marked as "S1" and "S2") and I will enter the market using a smaller timeframe. Both scenarios could be used if there's a fake breakout hitting S1. I am using 3% Risk for each trade. And usually I moved my SL to BEP after it runs profit halfway of my target. Target 1 (24.76) is my partial close area.
That's my summary and strategy of my market outlook, I hope that this helped someone who needs a second opinion on their trade.
CHEERS!
*This market outlook is not a trading call or trading recommendation, every profit or losses based on this market outlook is your own responsibilities as a trader/investor. Every market outlook/analysis that I made is from the resources that I believe is reliable, however it has no guarantee.
Apparently, after I closed my position it gives a better-to-be-analyzed chart so I can use my technical analysis knowledge to interpret it. Strong bearish movement after a couple weeks sideways indicating that the second movement could be occurred, and as we can see there's a broadening wedge pattern as the corrective movement is the good sign for preparing short-selling.
I have prepared two scenarios (marked as "S1" and "S2") and I will enter the market using a smaller timeframe. Both scenarios could be used if there's a fake breakout hitting S1. I am using 3% Risk for each trade. And usually I moved my SL to BEP after it runs profit halfway of my target. Target 1 (24.76) is my partial close area.
That's my summary and strategy of my market outlook, I hope that this helped someone who needs a second opinion on their trade.
CHEERS!
*This market outlook is not a trading call or trading recommendation, every profit or losses based on this market outlook is your own responsibilities as a trader/investor. Every market outlook/analysis that I made is from the resources that I believe is reliable, however it has no guarantee.
Trade active:
Running on scenario 2
Trade closed: target reached
