Lets have a look at silver on the daily chart:
As you can see the 50% retracement has been hit at 17.38. If that is conquered, next resistance is at 17.55 (100 day moving average). Which is why i recommend to take profit at 17.5 with the current long position from 17.1.
Trendline on the 2h chart of the current small uptrend, is around 16.9 currently. So i advice to move stop loss from 16.75 to 16.9 to minimize risk.
I also expect when reviewing the 1st chart, that we will get strong resistance at 17.7-17.8. So i recommend to open a LIMIT short position ready at 17.75 with TP 17.2 and SL 18.25. It is only a 1:1 risk/reward ratio, but with very strong resistances from 17.7 and above. I believe atleast a small retracement will happen before we can break them.
So my calls for week 22 is:
- Keep long from week 21 update @17.1 with TP 17.5 but move SL from 16.75 to 16.9.
- Open limit short position @17.75 with TP 17.2 and SL 18.25.
DONT FORGET TO CHECK FOR UPDATES DAILY DURING THE WEEK!
AND DONT REMEMBER TO BRO DOWN WHEN WE HITS YOU GUYS!
- To sum up previous weeks:
Week 20 on Sunday my call was go long @16.4 TP with 33% at 16.8, 17 and 17.3 with SL 16.3.
- Results: 16.8 and 17 hit both hit during week 20.
Week 21 on Sunday my call was to keep the 1/3 long still running but move SL to trendline (16.5)
I also told you:
LONGPOSITION @16.7, SL 16.5 TP 1/2 17.05, 1/2 17.6
Limit order SHORTPOSITION @17.38 SL 17.45 TP 17.2
Both of which i recommended to close in my update during the week. (16.7 never hit and we got 17.31, so 17.38 was a bad move in my opinion.) So remember to follow my updates during the week guys!
I also recommended an opening of a long position @17.1 TP 17.5 SL 16.75. You had every opportunity to follow, since then price was lower when i finished the update, and got even lower the day after.
- Results: 17.3 hit, so all 3 long calls from week 20 has now hit. Cancelled the limit short and long positions. Long position @17.1 TP 17.5 SL 16.75 still running.
Crazy good calls so far.
Im doing my best
Refreshing seeing another silver investor on the platform! Looking forward to some good content. Crypto and precious metals make the perfect asset combination 💰💰💰
Thank you my friend!
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Hey Mate, bloody good call on the 17.55. Found your link that the mods didnt wipe over on the silver forum at investing.com
Look forward to you next calls.