XAGUSD Trading Setup

by: Colibri Trader

Dear traders,

The trade from last time did perform as expected. AUDUSD went up more than half-way to my target. Unfortunately, the  sellers at 0.7560 were stronger than expected and started turning the wave towards the downside again. I have taken half of my position off the table and am waiting for possibly a better entry at 0.7450. Currently, the price looks locked in-between a 100 pip range.

XAGUSD Trading Setup

Today’s trading setup is coming from the XAGUSD (Silver) market. I have spotted a daily pinbar, which has formed just above a support level of 16.500. I am looking for an intraday formation to possibly go long. A good entry point would be 16.750. Currently the price is trading slightly higher, but am looking for a candlestick confirmation. My stop loss would be placed just under 16.20. My first target would be the level of 18.000. The secondary target could be the level of 19.000. Just be extra careful with this setup, because we are in a minor downtrend and the next support level is 15.500.

Happy Trading,

Colibri Trader

p.s.

Have you checked my recent article on Chart Patterns or the RSI Indicator?

In case you are interested to learn more about my professional trading system, you can do so HERE