And another long Idea - this time in the Silver ETF, SLV.
Looking at the daily chart for SLV, a couple of things standout from a few days ago;
- The price just broke the all-time high at 31.80, along with significant resistance at ~31.50, and
- SLV gapped up, leaving tight stops a bit problematic.
As I've said before in this instance I do two things;
1. Wait for a pullback (which we're now seeing?), and
2. Switch to the commodity futures chart (emphasis - I'm not trading the future, just taking a look)
Using the July Silver contract on the CME;
We can see the breakout, and now the retest(s), of two critical highs from the last few months.
Switching down '1' interval, to the 4-hour chart;
We can see 3-4 retests of those old highs, which now may be acting as support. I've drawn in a short-term trendline and resistance. A cross of that trendline and a close above 36.260 should provide a good entry point.
A stop could then be placed at 35.00 (with a close below that on the 4-hour), just below this recent turmoil.
As for targets, this scenario has SLV making new all-time highs - best to just trail and let SLV tell you where to exit.
All that glitters..
My ideas here on TradingView are for educational purposes only. It is NOT trading advice. I often lose money and you would be a fool to follow me blindly.
Looking at the daily chart for SLV, a couple of things standout from a few days ago;
- The price just broke the all-time high at 31.80, along with significant resistance at ~31.50, and
- SLV gapped up, leaving tight stops a bit problematic.
As I've said before in this instance I do two things;
1. Wait for a pullback (which we're now seeing?), and
2. Switch to the commodity futures chart (emphasis - I'm not trading the future, just taking a look)
Using the July Silver contract on the CME;
We can see the breakout, and now the retest(s), of two critical highs from the last few months.
Switching down '1' interval, to the 4-hour chart;
We can see 3-4 retests of those old highs, which now may be acting as support. I've drawn in a short-term trendline and resistance. A cross of that trendline and a close above 36.260 should provide a good entry point.
A stop could then be placed at 35.00 (with a close below that on the 4-hour), just below this recent turmoil.
As for targets, this scenario has SLV making new all-time highs - best to just trail and let SLV tell you where to exit.
All that glitters..
My ideas here on TradingView are for educational purposes only. It is NOT trading advice. I often lose money and you would be a fool to follow me blindly.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.