Good afternoon team,
Very unlucky with the entry point on silver, our pending order missed by roughly 6 pips. Close down the previous pending order on silver.
We are now looking to buy into the metal as it appears to be moving higher in a bullish impulsive wave.
Silver 4 Hour Charts
Bullish falling wedge breakout followed by a retest.
Silver 1 Hour Charts
We can see a 5 wave structure higher followed by an a-b-c correction. The corrective structures are easier to spot in the market as they are only 3 wave moves. This suggests the market should be heading higher with another 5 waves minimum. Our stop loss will go below the most recent swing low to avoid being taken out on any pull back.
Trade Setup: BUY market execution, current price 25.40, stop loss 24.40 and take profit target 27.70.
Stop loss: 100 pips
Take profit: 230 pips
1 contract = $50 USD per pip
0.5 contract = $25 USD per pip
0.1 contract = $5 USD per pip