All eyes on Silver with CPI data coming out this week

Trade idea:

We have a resistance level sitting at 23.2 on the XAGUSD pair that should turn into a breakout level once it is broken. This is my trade plan:
- Short consolidation on LTF at around 23.2
- Break of 23.2 is my entry level
- Target 1 @ 23.6
- Potential Target 2 @ 23.9 if we see a clean break of 23.2 and a fast move to T1
- Stoploss @ 23.05
- Risk-to-Reward 1:2

Comment:

Make sure to keep an eye on the dollar and gold if you are trading this

Comment:

Gold scratched the resistance level at 1930, Silver the next mover?

Comment:

DXY should move reversed to PM, if we see a sharp decline on dollar and we are at around entry, extra confirmation to trade

Comment:

This scenario makes sense when you look at major FX to dollar

Trade active:

I am long

Comment:

Bit of room on the trade, lets see how long it will take for this to be in the money

Comment:

DXY holding steady, hope we see a reversal soon and more influx on Gold

Comment:

So we should see some volume coming into precious metals soon, otherwise I will reduce my position and get the size in line with my risk.

Comment:

Very slow development so far, hope to see more action on this as we get nearer to CPI data release on wednesday

Comment:

Gold starting to edging higher, we should see silver make some try too

Comment:

So we are seeing some upside in PM as we get nearer to Stock open

Comment:

Gold looks sharp to breakout

Comment:

High open on SP 500

Order cancelled:

Closed long due to volatility, will try again once we appraoch resistance level

Comment:

Let us see if we get a second try on this today

Comment:

This trade idea is becoming active again as we are approaching crucial levels

Trade active:

Entered trade at 23.21

Comment:

The target area is 23.65

Comment:

Idea still active and trade still active

Comment:

Trade looking better and better

Comment:

Trade idea playing out well so far

Comment:

My plan is to take 75% of my profits at my T1

Comment:

If anyone is trading this with, please let me know what you are thinking of this trade setup and what your plans are!

Trade closed: target reached:

Closing trade here as we are heading into FOMC and good enough, near to T1, thanks for trading this with me!