XAGUSD (Silver) Trade Setup

Hi guys,

The last trade setup on DAX did not perform as expected, or at least as thought it would behave. I was looking to possibly enter in a long trade, but the nearby resistance area cancelled my plans. It is a stronger than initially expected zone that attracted more sellers than buyers. With that on mind, it is a great idea to revisit my in-depth article about Support & Resistance.

XAGUSD (Silver) Trade Setup

Today I am looking at a possible short XAGUSD setup on the Daily chart. There was a bearish engulfing pattern on the daily just below a major resistance area. I am looking for a possible retracement back to the area to initiate a trade. My stop-loss would be above the level of 18.65. My first target is the level of 17.70. My secondary target is the level of 17.70. It really depends on price action around those zones, so should be careful for rejections, which might change my plans.

Happy Trading,

Colibri Trader

p.s. If you want to learn more about my pro trading strategy, you can check it out here:

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p.p.s.

If you have not read my article on one of the most popular indicators- RSI- you can do so HERE