SILVER - BUY - 3rd November 2021 - UPDATED Position




SILVER - BUY - 3rd November 2021 - UPDATED Position (Closed)


We are looking to enter a position now on silver and also hold our BUY LIMIT position in case of a correction into support before the next rally. There has been a strong bounce from the 23.00 support zone as the comments from the FED are providing a bullish outlook for metals. We are standing by our bullish metals play.

SILVER 4 Hour Chart

Trade Setup: BUY market execution, current price 23.58, stop loss 22.32 and take profit 29.00

Stop loss: 126 pips

Take profit: 542 pips

 

Good evening team,

 

Markets are stable leading into the US ADP employment change tonight and the FED interest rate decision and statement tomorrow morning. The FED interest rate decision is due at 5am with the press conference at 5:30am. We are expecting a large reaction in the market, possibly some whipsaw action so we do not want to enter the currency market just yet. Stops will most likely be collected in both directions. There will be some setups ready to go tomorrow morning. For the time being we want to set a BUY limit on silver as it is approaching our buy zone. We are bullish on SILVER whilst it trades above the 22.40 swing low.

SILVER 4 Hour Chart

Trade Setup: BUY LIMIT – entry price 22.95, stop loss 21.40 and take profit 28.00.

Stop loss: 155 pips

Take profit: 505 pips

Please check position sizing, 1 contract = $50 per pip on Focus and Fusion markets.

Trade Setup
BUY - Market Order

Entry
23.58

Take Profit
29.00

Stop Loss
22.32