Every once in a while I like to trade currencies and given the recent moves in Silver I have decided to load up on this precious metal. Most of you should have the Silver/USD accessible in your MT4 platform (or any other platform you trade on). I think we are in for a nice rebound and I am buying it below 20.00, check out the chart or create your own and see if it may be a fit with your trading style.
yep, im in since mid of dec
I think current levels offer a great buying opportunity for those who have not entered any trades yet.
Silver chart since the middle of 2011 till now was in a downtrend accompanied with price reformation that sellers were successful in achieving the lowest price of 18.642.Right now price is above 5-day moving average in long term time frames such as monthly and weekly that shows a consistent uptrend in long period of time. In daily time frame with formation of Inverted Hammer candlestick pattern( Also Spining Top candlestick pattern) in previous candle, there is a warning for formation of a bottom price (need to be recorded) and vulnerability of downtrend.
As it is obvious in the picture below, Price has passed the descending trend line made of 6 peak prices warns about more ascending.In monthly time frame of this currency pair, there is a Morning Star candle stick pattern (With 2 stars) that warns about the potential for formation of a bottom price and ascending of the price for buyers.Generally the first warning for ascending of price is breaking of 21.710 resistance level.
