SILVER LONGTERM HOLD 4.29.16
Hey guys. Thought I would give you another post before I return to treatment. Anyways, I am featuring a commodity which I haven't done yet so I don't know how many of you will be interested but regardless, let's get into the trade.
This is one of the best setups I have seen in a while. Silver has a reputation of sticking to trendlines religiously which I am very thankful for. You can't really see from my chart here (I implore you to look at this idea on your own chart) but silver has just currently broken through a trendline that's been holding for the past few years or so. You can also see on the 4h chart that once it was broken the market stalled for a bit signaling the market acknowledges it. From there , we have moved up to the cyan retracement which the market will surely struggle getting over. In the even it does, if this leg is over, we could expect to see a retracement to in between the two red lines. If it continues to climb, we should by this time be ready to retrace to the dotted blue line. Just my analysis. I am hoping that someone will gain something from this idea but this is mostly a time capsule for when I return.
Good luck and happy trading!
This is one of the best setups I have seen in a while. Silver has a reputation of sticking to trendlines religiously which I am very thankful for. You can't really see from my chart here (I implore you to look at this idea on your own chart) but silver has just currently broken through a trendline that's been holding for the past few years or so. You can also see on the 4h chart that once it was broken the market stalled for a bit signaling the market acknowledges it. From there , we have moved up to the cyan retracement which the market will surely struggle getting over. In the even it does, if this leg is over, we could expect to see a retracement to in between the two red lines. If it continues to climb, we should by this time be ready to retrace to the dotted blue line. Just my analysis. I am hoping that someone will gain something from this idea but this is mostly a time capsule for when I return.
Good luck and happy trading!
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