XAGUSD on the 2H chart over the past month has ascended into a head and shoulders pattern
and then descended into a pivot on June 22nd. As it is now ascending, silver is a long trade
candidate. I see the stop loss as pivot low on 5/25 . Based on the volume profile and its
POC line, as well as the H & S pattern, the first target is the POC line at $ 23.3, the second
target at $23.45 which is the neckline of the pattern while the runner is $23.9 the horizontal
line of the top of the shoulders. I will take off 1/3 of the position at each target. Additionally,
I will raise the stop loss to break even upon getting halfway to the first target and to the first
target upon getting halfway to the second target. While leveraged on forex I expect
a high profit compared with the risk in the trade which will be risk off upon moving the
stop loss.
and then descended into a pivot on June 22nd. As it is now ascending, silver is a long trade
candidate. I see the stop loss as pivot low on 5/25 . Based on the volume profile and its
POC line, as well as the H & S pattern, the first target is the POC line at $ 23.3, the second
target at $23.45 which is the neckline of the pattern while the runner is $23.9 the horizontal
line of the top of the shoulders. I will take off 1/3 of the position at each target. Additionally,
I will raise the stop loss to break even upon getting halfway to the first target and to the first
target upon getting halfway to the second target. While leveraged on forex I expect
a high profit compared with the risk in the trade which will be risk off upon moving the
stop loss.