Huge selloff of Silver in the early market hours prior to FOMC Meeting Minutes release
Price action hit confirmed demand zone
Also confirmed by timing on DXY in Supply Zone/Strong Resistance
Commodities in general have been becoming more expensive generally(Check Commodity Indices like CRB)
2.19.24 In this video I was trying to make a decision with regard to direction for the dxy which affects silver if one goes up the other goes down.... and I was trying to make a decision as to whether or not I would stay in a long position in oil if my trade was profitable already where would I just get out of a long position in oil. since it's close to midnight...
With an understanding that the price is within the resistance zone around 23.5, there is a likelihood of a correction occurring before the price moves higher. After reaching the highest resistance level at 23.70, there is potential for short-selling, with a swing zone between 22.5 and 23.1. Following that, the price may reach support at a strong level around...
Silver pulled back to the resistance level following the double bottom.
If the market fails to break through the resistance and fibo inversion levels, we can sell from the kill zone.
We anticipate a short-term pullback since the market overall is in the consolidation zone.
-------------------
Share your opinion in the comments and support the idea with like....
after strong selling pressure after CPI news
selling pressure seem to be less
so I bet that price will go back to point of control of this month
with RR = 2
MACD bullish div. used to confirm this entry
Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 23.2/61.80%
Chart time frame : D
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : B
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
Silver dropped from the resistance, and it created a descending channel.
Price action created a resistance and a 61.8% fibo level as confluence zone.
If the market fails to break through the resistance level , we can sell from the confluence level.
-------------------
Share your opinion in the comments and support the idea with like. Thanks for your support!
Note -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all.
=======
I use shorthands for my trades.
"Positional" - means You...
Silver is currently at an inflection point. The industrial/precious metal has held major support as of late, adding a layer of optimism to traders and investors alike. Moving forward, we will need to continue to hold this major support level to keep our optimism intact.
Headwinds:
This week will be an inflection point for the silver market. Not only are we...
Nobody dares mention TRIPLE digit silver anymore...
Yet, I will.
Here is the road map for 125$ and then 500$.
There will be many breakouts and breakdowns on varying time frames along the way.
DO NOT CONFUSE BULLISH ROAD MAPS WITH PROPERLY CONFIRMD TRADE ENTRY.
#silver
Silver, often recognized for its resilience in the commodities market, is currently staging an impressive bounce back, creating a compelling narrative for traders seeking long-term opportunities. This resurgence in silver's performance holds promise for those looking to capitalize on potential upward movements.
The recent bounce back in silver reflects a renewed...
Currently SL is in a downward trend, but if the red average indicated by the blue arrow is broken and we enter the green zone, we will open a buy deal.
Silver is trapped between 22$ and 28$ walls.
Possible MINOR false break down, which could lead to a MAJOR breakout.
#silver #gold #inflation #recession
SI1! Daily - No RECOMMENDATION or ADVICE Status / EDUCATIONAL only - Support, Resistance, Trend Lines, Cluster, Confluence, Rectangles, Pitchfork, Modified Schiff Pitchfork, Fibonacci Extension - Hope it Helps, Good Luck
DISCLAIMER - This communication is not trading or investment advice, recommendation or solicitation to buy, sell or hold any investment...
Silver COMEX may bounce from here. Support at 23 and a bullish wedge formation on daily chart. Stochastic on daily chart also showing an oversold position.
![SILVER1!: [MCX] Silver Low risk Bet](https://s3.tradingview.com/t/TuB0uYNg_mid.png "[MCX] Silver Low risk Bet")
