Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

04 November

Silver  XAGUSD

1. 1. Silver is lacking any direction after the October downside correction.
2. 2. We held 12 ticks above resistance at 4890/4900 so shorts certainly worked & as I warned you the break below 4875 was a sell signal targeting 4790/70 for profit taking on shorts.
3. 3. The short trade worked perfectly with a low for the move as I write at 4761.
4. 4. In fact we wrote: A bounce from here is certainly possible but longs need stops below 4755.
5. 5. If you are long from 4790/4770 the profit target is 4825/4830.
6. 6. Resistance at 4840/4850 could see a high for the morning but shorts need stops above 4865.
7. 7. A break higher can target resistance at 4885/95. Shorts need stops above 4915.
8. 8. Just be aware that a break below 4755 targets 4700/4680.
9. 9. Good luck scalping these levels through the consolidation while we wait for the next short term trend to start.

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Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.

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Jason Sen, Director

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