Live Trade – XAG/USD (Silver)

Filed under: Live Trades |

 

I put a live trade order in on the XAG/USD (silver) pair last night, and I would like to talk you through this setup today so that you can monitor how this unfolds in the next day or two.

 

Figure 1.

Figure 1.

If you take a look at Figure 1, you will see the daily chart for the XAG/USD pair, and this is the only timeframe that we will need to look at for this setup. As you can see, price is currently coiling like a spring, ready to break, and a small inside bar setup yesterday has further indicated this. As this pair has already tried to move higher after a powerful bearish move, and failed, I believe that this pair might be ready for another explosive move downwards. Therefore, I have put an order in to go short a few pips below the low of the mother candle of this inside bar, with a stop loss just a few pips above the high of the mother candle. Price has been holding at this resistance level, but if it does break through, then we could see an explosive move.

 

I have not set any target for this, as I would want to see what price does before making any decisions. At present, price has just moved a few pips above the high of the mother candle, but I am keeping the order for now, as this might be a final ‘fake-out’. However, I might move my stop loss slightly to this new high if this order is filled. All in all, I am still bearish on this pair and am looking for a nice entry with a tight stop loss, and hopefully, this will be that very opportunity. If not – we will keep watching and waiting until a new opportunity arises.

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