After a nice impulsive move down, it is now correcting itself before another possible impulsive move down. To get involved with this trade I am looking for a correction to the 61.8 Fib level. This level would also now be a new resistance area from a previous support where price consolidated at, before the big impulsive move. If Silver does what I'm hopeful of, then I will be holding this trade Long term & my TP will get extended.
Stop loss to break even as soon as you are happy to do so.
If price comes back & goes through the new resistance line, then I will most probably close the trade for a small loss. Crossed fingers & toes, could be a nice trade. Good luck :)
Stop loss to break even as soon as you are happy to do so.
If price comes back & goes through the new resistance line, then I will most probably close the trade for a small loss. Crossed fingers & toes, could be a nice trade. Good luck :)