Top 5 Weekly Trade Ideas #4 - Silver Long
This is another recycled idea from past weeks. It's zoomed in on the 15m, zoomed out shows the bull flag I recently posted about. It hit target #1 pretty quickly, but also double topped there. Pretty rough day today, but it held on a retest of the bull flag for a second time, also didn't make a new lower low. I think if it can clear that double top, it could see a big move up to at least 37.
The case against this is the fact that DXY and treasury yields are rising after the last jobs report. You wouldn't normally want to bet on precious metals while that's happening, but that stuff has been all over the place. We have war tensions and other things like CPI and Hurricane Milton coming later this week so I don't claim to know what's about to happen. If things get chaotic and silver is able to breakout above 32.50 I'll be confident in that at least.
The case against this is the fact that DXY and treasury yields are rising after the last jobs report. You wouldn't normally want to bet on precious metals while that's happening, but that stuff has been all over the place. We have war tensions and other things like CPI and Hurricane Milton coming later this week so I don't claim to know what's about to happen. If things get chaotic and silver is able to breakout above 32.50 I'll be confident in that at least.
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
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