Context: Silver is currently trading within a Macro Range dated back from 2014 to now. This Range is based off monthly candles which suggest they are very wide apart. Currently, price is trading between 75% and 50% of the range. Recently, Silver breakout which seen a massive rise and is now facing some resistance at 17.50. There are 2 ways to get onboard the next rally.
50% FIB Retracement - Entry 16.1 , Stoploss 15.25
Await the retest of Daily Range High after current retracement - Entry 17.5 , Stoploss will be placed under low of current retracement
Target : 18.5
How i play it?
I will be putting limit orders awaiting . However, sometimes price do not retrace as much as we want so if it does , i will try to get on board as well.
Levels mentioned:
Dark Thick Green line - 75% and 50% of Macro Range
Thick Black line - Monthly level which i believe current retracement will bounce off from
50% FIB Retracement - Entry 16.1 , Stoploss 15.25
Await the retest of Daily Range High after current retracement - Entry 17.5 , Stoploss will be placed under low of current retracement
Target : 18.5
How i play it?
I will be putting limit orders awaiting . However, sometimes price do not retrace as much as we want so if it does , i will try to get on board as well.
Levels mentioned:
Dark Thick Green line - 75% and 50% of Macro Range
Thick Black line - Monthly level which i believe current retracement will bounce off from