Silver is showing interesting behavior on both TF. On 4H, we have a clear break of TDI and PAC and daily could show a break of TDI today or tomorrow. We are way oversold on this commodity, so we could expect a healthy pullback to occur. This trade could switch from 4H target to daily target depending on PA.
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I would have preferred to see more bullish candle on daily timeframe, but on 4H green TDI is way outside BB : that's usually a good sign for more bullish action.
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This trade had a good start but 4H TF is looking way oversold for a not-so-big rally. So I would advise caution to wait for more information on daily timeframe to see if we are set for a serious pullback/reversal or just a dead cat bounce. On monthly we are way out a reversal, usually a fall does not reverse around RSI 40.
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I'll take half profit on 16.664. And letting the rest run.
Trade ist aktiv
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TP1 hit, closed half position. Put SL@be and let the rest run!
Trade ist aktiv
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Booked 25% profit and letting the last 25% to run. SL@TP1.
In fact, this chart provides a different perspective of the market. This type of charting idea never passed through my mind. It is always good to keep in touch with professional traders.
Thank you for sharing this chart. Continue your good work.
Bastosai
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@patterntrader, Thanks again. By no mean I'm professional but I'm happy if it provides some fresh pov.
btM_Afta
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Target around 17.50 and 17.60 ? thanks
Bastosai
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@Dguaman, Thanks for your question! My trade is a 4H one so I target 17.0X first. Depending on daily TF chart I will either close all position or close half and target next fib.
btM_Afta
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@Bastosai, got you ! im aiming to 17.50 i hope that happens :D
Thank you for sharing this chart. Continue your good work.