Since my last analysis on metals some of the recent movements disturbed me because of today's session. There was no continuation on the hanging man candle formation last week, supposing a bullish sign and triggering my buy order in addition to my previous analysis.
I decided to experiment this triangle formation i saw on the chat earlier. I don't know if i am doing this right but this aligns perfectly, i think.
These are my conclusions :
-Fibonacci level 17.86 is very important support, if prices break this level price should go lower.
this price level area has two trendline supports, reinforcing signal
-Green boxes on chart is showing where prices broke triangle and came back just after (headfakes) in order to play out some trendline/MA testing regardless of triangles
-Blue circle shows a similar configuration, supposing unless prices break trendline, they could come back up in triangle
-Analysis on GLD is very similar but doesn't have any Fibonacci retracement with previous all time lows, but rather with highs. pointing more downside move until 111.47 -112
My personal conclusion is i am trusting SLV analysis and until prices don't go lower than 17.86 area i will stay in. This has been falling so hard that at this pace it either goes to 11.5 next week or rebounds on short term period to 20 - 21 at least. so if it goes lower i will average in. I don't recommend anybody to do that if risk is too high.
If you want to be 100% secure, just wait for RSI trendline break, with maybe a backtest on that and get in for the long term, well until fibonacci levels get hit. But from a long term perspective my risk reward ratio is good and i can support max loss.
Good luck!
I decided to experiment this triangle formation i saw on the chat earlier. I don't know if i am doing this right but this aligns perfectly, i think.
These are my conclusions :
-Fibonacci level 17.86 is very important support, if prices break this level price should go lower.
this price level area has two trendline supports, reinforcing signal
-Green boxes on chart is showing where prices broke triangle and came back just after (headfakes) in order to play out some trendline/MA testing regardless of triangles
-Blue circle shows a similar configuration, supposing unless prices break trendline, they could come back up in triangle
-Analysis on GLD is very similar but doesn't have any Fibonacci retracement with previous all time lows, but rather with highs. pointing more downside move until 111.47 -112
My personal conclusion is i am trusting SLV analysis and until prices don't go lower than 17.86 area i will stay in. This has been falling so hard that at this pace it either goes to 11.5 next week or rebounds on short term period to 20 - 21 at least. so if it goes lower i will average in. I don't recommend anybody to do that if risk is too high.
If you want to be 100% secure, just wait for RSI trendline break, with maybe a backtest on that and get in for the long term, well until fibonacci levels get hit. But from a long term perspective my risk reward ratio is good and i can support max loss.
Good luck!