Silver ready to rocket ... once again!

I had posted on 17-MAR about the price action of silver, which is looking very bullish and ready to take on the 20s soon. For now, the pattern has created another head and shoulders formation, within a rising trend line on the daily charts, and this time the target for the H&S is at the highs of Jan 2015, which comes in near the 18.50 level.

Trade idea : Buy XAG @ 17.10-17.15 levels, with a target of 18.35. Stop at 16.80

Комментарий:

Update on profit target : Close trade on 22nd if target not reached....
Even though I think silver should shoot higher on a brexit vote, its too risky to call, and hence it is better to close position on 22nd if the target of 18.35 isnt reached. In a worst case, it is advisable to change the stop loss level to 17.50 so that atleast part of the profits are locked in (if you want to carry the trade beyond 22nd)

Комментарий:

s3.amazonaws.com/tra...shots/t/Thyn9L2g.png

Silver bouncing nicely off the rising trendline support...time to get in for all those that missed the initial entry level!

Комментарий:

s3.amazonaws.com/tra...shots/x/xW2UBlxB.png

After bouncing off support mentioned above, the H&S pattern is forming perfectly, and prices should burst higher to take out TP1 at 18.35

Комментарий:

Target level missed by a few cents! Still looks like it should go back to 18.35, so stay in the game!

Комментарий:

Silver forming a new hourly uptrend within the H&S pattern. Target 18.35 well in sight now...next week hopefully! (with the near miss we had today!)

Сделка закрыта: достигнута тейк-профит цена:

Nice profit achieved....trade closed. 7.35% profit in 10 days!

Комментарий:

While I know the trade has closed with a neat profit, silver is trying to break out of the major resistance at 18.65-70 region.
Watch this space if it breaks, coz then its "$20 here i come" for Silver!