A second Chance to Buy in Silver

13 Okt 2019

Midterm forecast:
While the price is above the support 16.55, resumption of uptrend is expected.
We make sure when the resistance at 18.75 breaks.
If the support at 16.55 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades, if the Midterm level 16.55 is broken.

Technical analysis:
The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
A trough is formed in daily chart at 16.90 on 10/01/2019, so more gains to resistance(s) 18.10 and maximum to Major Resistance (18.75) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 48.

New trading suggestion:
*There is still a possibility of temporary retracement to suggested support line (16.55). if so, traders can set orders based on Price Action and expect to reach short-term targets.
*If you missed our first HUNT, you have a second chance to buy above the suggested support line (16.55).

Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:

Trade Setup:
We opened 6 BUY trade(s) @ 15.21 based on 'Valley' entry method at 2019.07.10.

Total Profit: 861 pip
Closed trade(s): 630 pip Profit
Open trade(s): 231 pip Profit

Closed Profit:
TP1 @ 15.30 touched at 2019.07.11 with 8 pip Profit.
TP2 @ 15.60 touched at 2019.07.16 with 38 pip Profit.
TP3 @ 16.20 touched at 2019.07.18 with 98 pip Profit.
TP4 @ 17.20 touched at 2019.08.07 with 198 pip Profit.
TP5 @ 18.10 touched at 2019.08.27 with 288 pip Profit.
8 + 38 + 98 + 198 + 288 = 630 pip

Open Profit:
Profit for one trade is 17.53(current price) - 15.21(open price) = 231 pip
1 trade(s) still open, therefore total profit for open trade(s) is 231 x 1 = 231 pip
All SLs moved to Break-even point.

Take Profits:
TP6= Free