Trade Idea: Potential Bearish Move Lower On Silver
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
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All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Potential Bearish Move Lower On Silver With Two Inside Daily Candles
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bearish
Key Levels: Broken support 14.56 now tested as a resistance.
Price Action Signal: After two inside Daily candles holding at the resistance level.
Chart Notes: Silver has been in a bearish market after breaking a descending triangle technical price pattern.
With a strong bearish bias that remains intact.
Potential Trade Idea:
I am considering selling this pair again if the lows of the inside day candles are broken today.
This setup has plenty of free space, with a first potential target being the last daily lows. Should give me at least a 1-1 first target.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
Now is your turn:
How are you planning this setup? What are you looking for to catch the next bearish move with this pair? Just leave any question or comments below.