XAGUSD (Silver) Trade Setup
XAGUSD (Silver) Trade Setup
Hi guys,
The last trade setup on DAX did not perform as expected, or at least as thought it would behave. I was looking to possibly enter in a long trade, but the nearby resistance area cancelled my plans. It is a stronger than initially expected zone that attracted more sellers than buyers. With that on mind, it is a great idea to revisit my in-depth article about Support & Resistance.
XAGUSD (Silver) Trade Setup
Today I am looking at a possible short XAGUSD setup on the Daily chart. There was a bearish engulfing pattern on the daily just below a major resistance area. I am looking for a possible retracement back to the area to initiate a trade. My stop-loss would be above the level of 18.65. My first target is the level of 17.70. My secondary target is the level of 17.70. It really depends on price action around those zones, so should be careful for rejections, which might change my plans.
Happy Trading,
Colibri Trader
p.s. If you want to learn more about my pro trading strategy, you can check it out here:
[maxbutton id=”1″ ]
p.p.s.
If you have not read my article on one of the most popular indicators- RSI- you can do so HERE
Hi colibritrader,
This is a very good setup, on my watch list now for price action to confirm !
If it develops and matures it will be a high probability short
50% area just above 18.40
Thank you
Thanks Dan. It is on my watch list, too:)
Hi colibritrader,
Price did not pb higher for an entry but did you get in anyway?
Strong bear candles to the downside . (daily)
May I ask did you use any fundamental analysis to determine this trade opp ?
The 18.50 to 18.65 had 3 resistance TF zones combined awaiting. M / W / Daily
Hope you got onboard I did not.
Hi Dan,
I did not enter since the price did not go higher. As indicated, I was long GBPUSD and still am. I do not like to spread myself too much among different instruments at the same time. Otherwise, watch out the support level on XAGUSD- this would have been a profit taking area.
http://fxpro.ctrader.com/c/B2Zpn Silver
Hi colibritrader,
Markets are starting to look shakey and the charts seem to favour the metals.
I have some confluence for silver
A flip zone support level
Bullish candle action daily
RSI in oversold daily
RSI crossing 50 line on 4 hr pos diverging rounded bottom
SL below last swing point, test position small
Cheers
Hi Dan,
Don’t forget that the support level is just below 15.70. Price might test this level, as I have written in the article. Otherwise, price action is bullish but is probably a bit early to say. Otherwise, gold also looks bullish (bullish engulfing candle on Daily)- but the same situation there. I believe that we might see another leg lower. So all in all, it looks bullish but is a higher risk trade for sure. By the way- have you tried out my trading platform? Check it out here:
https://www.colibritrader.com/trading-platform/
-Colibri
Hi colibritrader,
My stop is set to 15.50 and the position is small so no bother, small on initial when there is not much in the way of momo.
I executed long on gold too, price is behaving right at this point in time.
Thanks for the offer to try your platform, I see no need to try as basically we use no indicators as such. Virtually anything will do as along as I can see New York close candles.
Oil is ticking up too.
By the way did you ever get short silver when you posted that trade alert ?
That was a ripper short move.
Regards
Hi Dan,
good luck with this trade. I am staying away for the time being. I did post back in time regarding Oil. There was a pinbar on the Daily, as well. It was actually a perfect setup- if you visit my Twitter page you will see what I mean. Regarding the platform, I would say Yes and No. I have seen a lot of different trading platforms and only a few that tick all of the boxes. But it is really up to you. Regarding the short Silver- I was too late in the short trade, but exited already. For now I am only long NZDUSD, but I think you know about that. There is an inside day that will potentially form on the Daily.
-Colibri