XAG-USD silver 5.28.2020

Silver has been in an uptrend since mid-March after a capitulation move. Since then it has been making continuation patterns over and over and moved up very strong and outperformed most of the metals.
Currently, it appears that it's completing another continuation pattern as a symmetrical triangle.
Momentum indicators on mid time frames look good for continuation as well.
If it confirms a break out above the pattern on high volume ( around 17.450) then it can move to 18 - 18.2 over the coming weeks as long as it holds the break out level around 17.150.
It almost offers a 5 to 1 risk to reward trade to take.

Note

Note

looks like a failed break out so far but it's too early to judge, this is why it's better to wait for confirmation above the level first.
in order for the trade to activate I wanna see a 4 hr close above the pattern and then I'll try to buy a pullback to the support.

Note

(unless you're trading bitcoin btw :D cause it breaks out like a savage and doesn't look back. if it pulls back to support after break out its usually a trap.) just a tip if you trade btc.

Note

trade is active, closed above the triangle, and held the top resistant of the triangle as support and made a new high.

Note

up 3 R already not a bad place to take some profit.

Note

the target of the pattern is reached. up almost 5R on this trade. gonna keep some from the initial position and let it run to the range high with trailing stops.

Trade fermée: cible de profit atteinte

Note

price doesn't look exhausted at all, I think it can move higher that's why I decided to keep some and let it run with a trailing stop.

Note

+5R

Trader_Shayan

Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.