[TW] 05-09-2011 - XAG/USD (Long) by Melchsee

Trading Discussion
1

XAG/USD, Daily TF , Long

Entry Point: 42.2645
Stop Loss: 40.4720
Profit Target/s: 44.0108 & 47.3600
Reward-to-risk Ratio: 2.8 : 1
Indicators used: Stochastic (8,3,3)

Trade Adjustments:
Stochastic has yet to be overbought on Daily TF, Should the candle close above the 1st resistance line it would be a good confirmation to Long this pair and take profit should be slightly above the previous weeks high @ 44.0108

Trade Rationale:
I’ve been trading based on price action lately and this is one of my trades I’ve been keeping an eye on, so far this pair has been following religiously through a very nice ED Channel moving slowly upwards. A Basic 1-2-3 setup is also seen within the channel moving upwards.

I’ve set a buy limit order 10 pips above the candle wick as I’m fairly confident that it will be closing above the zone by the end of today. Stochastic has yet to show that it is at overbought region either.

A further look into Weekly and Monthly charts show that the lines have crossed and there’s some room to go Long on this pair.

Any criticism is welcomed :slight_smile: we’re all here to learn afterall

2

good luck in the trade. I could also check the pair out but unfortunately my broker doesn’t provide this pair.

3

thanks mate, my trade was triggered quite early and i’m up based on my broker about 20,000 pipettes.

Glad it closed way above than expected :slight_smile: hope you guys did enter this trade if your broker provides this pair.

4

By far I think this is the best trade set up and the safest. Good Luck!!!