Silver: Bullish Butterfly/AB=CD Pattern w/ Divergence

I will need to double-check RSI before entering...and also make sure there are no strong bearish candles prior to the completion point. Even better, I may wait for price to show it respects the the zone and re-test.

In my mind small patterns are less reliable but this seems like an great opportunity to try and long silver with only a few pips risk and possibly catch a ride on a longer term movement which a lot of people, including myself, seem to be expecting.


What do you think? Any comments/feedback on this idea or your own views on Silver are welcome and appreciated!

Transaction en cours:

I don't know if you'll believe me, but I placed an order before bed to enter at 16.155 with 3 cents risk. It was picked up, and not stopped out...got lucky again. Based on what I have learned I know I really shouldn't use limit orders for the butterfly , but I guess with 3 pip risk I thought the risk was worth the reward.

Stops are now moved to my entry price, 16.155. If I get stopped out but price stays above 16.13 I will look to re-enter again with my stops 16.125

Commentaire:

Trade fermée: ordre d’arrêt atteint:

Stop reached on my second attempt and has invalidated this pattern. Now on the sidelines in silver, perhaps looking to the completion of the large bat pattern on the daily