just a quick update that the silver short has been triggered and iam 20 lots short in silver. Expecting a down move for about 800-900 points .Entered at the average price of 40970 and expecting major resistance and hence first target at – 40250 . Fixed stoploss of 300 points has been placed (and ill explain shortly why i think this may be triggered.).. sop it will be a nice 1:3 risk reward trade. I have explained in last article why iam short.
Now i follow a channel on youtube called Duomoo initiative. Guy called nicolas puri runs it..Very very intellectual and smart guy and has a lot of experience. Is a mba finance and then went on to be a independent trader living accross 4 countries ..Same as i want to be in the future minus the photography angle :p..So he last night uploaded a 30 min video (good to see such a successful guy going so deep in the analysis..shows that the hustle never stops)..He literalyl went from the months time frame to hourly frame of gold ..(silver follows).. so according to him though last bullish run of gold was supported techincally as well as fundamentally. But his time he sees that though the fundamentals are positive for gold the technicals show weakness. He went on for half an hour going through the chart analysis and even iam convinced there is a weakness.but the catch it gold it a point where it can break the above resistance and go on to make a higher high on the monthly frame. but the daily frame shows gold is about to reverse.
Now ill go with my anaylisis here as i wont depend on others opinion while taking a trade (ofcourse learnt it the hard way :D) so iam going short as my other system has also given short signal. But IF and a big IF i must say silver reverses from here breaks my stoploss and goes up..iam expecting a BIG MOVE UP so ill go full on that one 😀
LOOKS LIKE SECOND ENTRY POINT IS ACTING AS TEMPORARY SUPPORT AND IF IT BREAKS A GOOD DOWNWARD MOVE IS EXPECTED..ALSO THE FIRST ENTRY POINT IS ACTING AS RESISTANCE..LETS SEE