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.