Good evening traders,
Straight to the point for XAGUSD / silver
Weekly (left) we have a big descending triangle since beggining 2016 (3 years already), we have a downtrend confirmed by multiple touches and a huge support on 13.85 that has not broken so far.
Now, on DAILY chart (right) we have a POSSIBLE hs formation that has his neckline yet to be broken. Now, why do i have my doubts about this HS? Because a HS formation is a ONLY REVERSION pattern and....Silver was in an uptrend on daily chart? Well, yes..at least since NOV/18, anyway its not a HUGE uptrend and for that i dont fully trust this HS.
H4 (bottom) chart we have a confirmed downtrend but RSI is almost oversold and therefore its a good idea to wait another downtrend re-test.
For anyone willing to sell i'd close all position on main support since there is too much buying pressure there, anyway lets keep an eye ;)
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Straight to the point for XAGUSD / silver
Weekly (left) we have a big descending triangle since beggining 2016 (3 years already), we have a downtrend confirmed by multiple touches and a huge support on 13.85 that has not broken so far.
Now, on DAILY chart (right) we have a POSSIBLE hs formation that has his neckline yet to be broken. Now, why do i have my doubts about this HS? Because a HS formation is a ONLY REVERSION pattern and....Silver was in an uptrend on daily chart? Well, yes..at least since NOV/18, anyway its not a HUGE uptrend and for that i dont fully trust this HS.
H4 (bottom) chart we have a confirmed downtrend but RSI is almost oversold and therefore its a good idea to wait another downtrend re-test.
For anyone willing to sell i'd close all position on main support since there is too much buying pressure there, anyway lets keep an eye ;)
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
