SLV - SILVER - Daily Bars with Weekly Ranges, Bullish structure
Watch how Silver has been acting here lately. Note how the price range of the weekly time frame is expanding to the upside. I have graphed all three of them since the March low with BLUE TRIANGLES. A low-risk way to trade is to BUY DIPS to the mid-point of the RANGE EXPANSION level (on the weekly basis).
The target from the entry is the peak of the blue triangle, so the first two triangles worked just fine. The last rally to this week's high is a setup to buy dips next week and the next 5-7 weeks to the 16.24-15.80 level. The market should hold and stops can be below the 15.70-15.50 area.
Tim 16.76 last SLV 11:59AM EST 5/15/15 Friday
And I made a chart of Silver on Youtube - Search for "Tim West TradingView Silver" and you'll find it. I walk through the long term price of silver on a weekly/monthly basis for the past 10-15 years.
The target from the entry is the peak of the blue triangle, so the first two triangles worked just fine. The last rally to this week's high is a setup to buy dips next week and the next 5-7 weeks to the 16.24-15.80 level. The market should hold and stops can be below the 15.70-15.50 area.
Tim 16.76 last SLV 11:59AM EST 5/15/15 Friday
And I made a chart of Silver on Youtube - Search for "Tim West TradingView Silver" and you'll find it. I walk through the long term price of silver on a weekly/monthly basis for the past 10-15 years.
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