#Silver Technical Analysis (8/23)

1-yr daily-chart

Expect continuation of uptrend once the correction is complete. Silver did bounced off prior support levels, also an area of confluence (see 1-hr chart comments below).

1-hr chart

That prior support level rests just above the 180-day EMA. The white metal finished the New York session strong, with fresh bids and formed a *long-tail* Doji, a reversal candle pattern. The long-tail was a failed attempt to close below critical levels.

OUTLOOK: Watch for the market to naturally correct (pull-back) within the trendline and Andrew’s pitchfork. Buy on the bottom end of those key trends and successful test of supports. Peel profits @ prior resistance 43.97.

Any break of the trend below critical levels should be sold into. But profit must be taken quickly if no volume is behind the sell-off. Prior support @ 40.615.

Watch for minor supports and resistances between those key levels.

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22 Responses to #Silver Technical Analysis (8/23)

  1. lima99us says:

    $AUD/USD broke the neckline of 1-hr candle HnS, waiting for a restest of 180-day support to enter a short.

  2. lima99us says:

    SOLD -1 /ZCZ1 @736.50 on changing fundamentals and drop in grains on no news, led by wheat

  3. lima99us says:

    Grains falling while crude and SPY unchanged hmmmmm…

  4. lima99us says:

    SOLD -100,000 AUD/USD @1.04489 failed @ 180-day but has not closed below, if closed below on the 1-hr chart, will add more

  5. lima99us says:

    $EUR can hover pretty well if there is nothing actively forcing it down

  6. lima99us says:

    At first there was bearish divergence… but prices caught up to RSI, no divergence, $EURUSD

  7. lima99us says:

    Loaded more $EUR/USD shorts at a higher level below 1.45 after checking to see if the range hold and key levels.

    SOLD -100,000 EUR/USD @1.44413

  8. lima99us says:

    The old principle of “selling at the open after an WR3+” holds true.

  9. lima99us says:

    SOLD -100,000 CAD/DKK @5.2415, downtrend below the 180-day

  10. lima99us says:

    BOT +50,000 SGD/HKD @6.4399, nice bullish trend on the daily chart, with a dip today

  11. lima99us says:

    Markets marking time ahead of Jackson Hole.

  12. lima99us says:

    Unlike the major pairs, the minor pairs have VERY WIDE spreads.

  13. lima99us says:

    BUY +100,000 CAD/DKK MKT @5.2375. The conservative trader took profit ahead of Jackson Hole. Nothing is really moving.

  14. lima99us says:

    As Bernanke’s speech is being released the market will begin to absorb the news…

  15. lima99us says:

    “Bernanke was good for the USD for 1 hour. That’s all, I guess his words CAN’T help the Greenback, whatever he says or does…”. Position play: go with the intermediate trend and use counter-moves to enter the trade.

  16. lima99us says:

    #Corn is moving higher into the close but I closed out for profit because I have too many positions open ;(

  17. lima99us says:

    Have to learn trailing stops~ for long-term positions

  18. lima99us says:

    On my $USD/CAD shorts, the tail on the 5-min candle is a 49 bucks tail, testing the bottom band.

  19. lima99us says:

    But, of course, that’s only a ST bottom

  20. lima99us says:

    Setting a stop under the rising trendline, which is also a daily Pivot Point $SGD/HKD

  21. lima99us says:

    Lookin @ Prices Action, one need not DMI indicator to know that SGD/HKD has been consolidating but DMI does hint @ a max. slope sustainable.

  22. lima99us says:

    Tighten stops when DMI widens to the max.

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