Looking at XAGUSD or Silver just to put it in simple terms, started off on a weekly timeframe, saw the price compressing since June 2018, we just came off
from the triangle's support level price now shooting up, I don't know if it's only me noticing this but why are commodities gaining strength all of a sudden?
Coming back to the analysis, okay firstly spotted a triangle on weekly timeframe, secondly used the harmonic strategy starting from the previous resistance level on a daily timeframe to the recent support level. Our Harmonic pattern "X" is the resistance and "A" is the support and marked "B" is our target at 15.48749 and we got a previous support and resistance highlighted in Green to confirm that. Additional confirmation if we shift to H4 timeframe we recently broke a downtrend
According to the Harmonic pattern if "B" is our Target and all profits made we wait for the market to confirm that we going down to C because we know the market does not move as a straight line, so if this Harmonic pattern is a success, from B=15.48749 we wait for a rejection then we ride it to C= 14.79759 and that is also confirmed by that previous resistance zone highlighted in Red. Not much to be said about Target D= 15.82838 that is going to be the worst case scenario.
Anxious of buying now?
Buy after a pull back or now and place Stop loss at 14.66527 (H4 timeframe) let it be your long term investment.
from the triangle's support level price now shooting up, I don't know if it's only me noticing this but why are commodities gaining strength all of a sudden?
Coming back to the analysis, okay firstly spotted a triangle on weekly timeframe, secondly used the harmonic strategy starting from the previous resistance level on a daily timeframe to the recent support level. Our Harmonic pattern "X" is the resistance and "A" is the support and marked "B" is our target at 15.48749 and we got a previous support and resistance highlighted in Green to confirm that. Additional confirmation if we shift to H4 timeframe we recently broke a downtrend
According to the Harmonic pattern if "B" is our Target and all profits made we wait for the market to confirm that we going down to C because we know the market does not move as a straight line, so if this Harmonic pattern is a success, from B=15.48749 we wait for a rejection then we ride it to C= 14.79759 and that is also confirmed by that previous resistance zone highlighted in Red. Not much to be said about Target D= 15.82838 that is going to be the worst case scenario.
Anxious of buying now?
Buy after a pull back or now and place Stop loss at 14.66527 (H4 timeframe) let it be your long term investment.
