So what we have here is a breakout from the Downtrend channel and if you are invested in silver at this point you may want to look at constructing a trading plan around it. I have a bullish algo cycle in the works until 9/25/2017 so you would look at buying the dips or scalping until then. OUr upside target is 17.58 with buy entries coming in at the 16.22 - 16.29 level with current intermediate support at 16.53
If we see high delta to the algo wave occurring between now and the 25th you will want to place a strangle on it with a bias to whichever side of the wave delta is happening.
Trade safely.
If we see high delta to the algo wave occurring between now and the 25th you will want to place a strangle on it with a bias to whichever side of the wave delta is happening.
Trade safely.
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Your stops should now be place at 16.40 as we did see a wick above the channel so we should see some kind of pullback. A move below 16.40 would also indicate the bullish channel has been broken.
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SLV is continuing on the path we laid out, your stops should be placed at 16.92 with the ideal re-entry point at the 16.47 - 16.49 range although there is also a small level of support at 16.82
If your stops are triggered use the 9-49 on a 3m chart (or 8-34) and ignore more aggressive 2-33 tick or 1m triggers (just some advice)
Upside target remains the same at 17.58
If your stops are triggered use the 9-49 on a 3m chart (or 8-34) and ignore more aggressive 2-33 tick or 1m triggers (just some advice)
Upside target remains the same at 17.58
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pay attention, first line of retracement, look for a trigger
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Price is consolidating at 16.22, watch for a trigger to go long
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triggered
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Trail stops. Watch the 16.50 level as it needs to clear over the next couple days to stay long
Place your stops at the inertial line and trail it up. This is a critical juncture so manage your trades diligently