Let's make a case for getting short here with Silver/Dollar on based on the techicals.
Like most 60 minute traders, I use a 4 hour high time frame for the support/resistance lines to be drawn.
We see a Gartley pattern completion nearing the 14.00 even handle which has acted as previous structure in the past. There's also a 1 to 1 measured move completing in this same area. What more could you ask for? Keep your eyeballs on your preferred Oscillator, because my RSI looks to be heading oversold by the time that price action reaches that same area.
As it stands right now, we have a decent combined technical score.
AB=CD pattern - 2 points
Gartley pattern completion - 3 points
Major structure - 2 points
Ratio confirmation - 1 point (we have the .382 retrace lining up in the killzone of the larger leg.
This is a combined technical score of 8. Not too shabby.
BEARISH GARTLEY PATTERN at 14.00
Stops are at 14.090 (the 1.13 Fib inversion of out X to A leg)
Target 1 13.913 (the .382 fib of the A to D leg)
Target 2 13.855 (the .618 fib of the A to D leg)
Like most 60 minute traders, I use a 4 hour high time frame for the support/resistance lines to be drawn.
We see a Gartley pattern completion nearing the 14.00 even handle which has acted as previous structure in the past. There's also a 1 to 1 measured move completing in this same area. What more could you ask for? Keep your eyeballs on your preferred Oscillator, because my RSI looks to be heading oversold by the time that price action reaches that same area.
As it stands right now, we have a decent combined technical score.
AB=CD pattern - 2 points
Gartley pattern completion - 3 points
Major structure - 2 points
Ratio confirmation - 1 point (we have the .382 retrace lining up in the killzone of the larger leg.
This is a combined technical score of 8. Not too shabby.
BEARISH GARTLEY PATTERN at 14.00
Stops are at 14.090 (the 1.13 Fib inversion of out X to A leg)
Target 1 13.913 (the .382 fib of the A to D leg)
Target 2 13.855 (the .618 fib of the A to D leg)