Aggressive Long Silver Trade with 2.5:1 Reward to Risk
The Silver market has been attempting to test the 16.615 level - 61.8 fib retracement level - but has met with strong support along the uptrending blue channel.
From the Daily chart, we have P-Pivot at 17.05 acting as support as well.
I see an opportunity for a 2.5 : 1 reward to risk trade with potential to let profits ride out to the channel ceiling in time.
Entry: 17.1
Stop Loss: 16.7
Take Profit 1: 18.1
Take Profit 2: 19.36
If Take Profit 1 is reached, I will close 1/2 of the position and move stop to entry. The remaining half position will be left to ride out the trade and attempt to hit the Take Profit 2 level.
From the Daily chart, we have P-Pivot at 17.05 acting as support as well.
I see an opportunity for a 2.5 : 1 reward to risk trade with potential to let profits ride out to the channel ceiling in time.
Entry: 17.1
Stop Loss: 16.7
Take Profit 1: 18.1
Take Profit 2: 19.36
If Take Profit 1 is reached, I will close 1/2 of the position and move stop to entry. The remaining half position will be left to ride out the trade and attempt to hit the Take Profit 2 level.