I just found on chart that there is great opportunity to buy silver for handsome profit with small risk when silver given low below $21 and Silver Mini August contract given low below 44600 at around 6:00 PM. I just found the edge, a great entry levels where you can take small risk for relatively very high profit.
And at the same time without any delay, I posted my view on my Facebook timeline so that my followers don’t miss the opportunity and after that I started preparing details analysis report with chart.
Let me show you why detailed explanation of my view: –
Snapshot of this chart is taken when silver was trading just above $21 at around 5:45 PM, after that Silver given low of $20.962 at around 6 PM.
On 30 Jun, Monday, Silver bounced from $20.80 (my previous buying levels) and next day hits high of 21.27 and today it is trading lower. It bounced from $20.815 to 21.27, rise of almost 0.46 points. Now, today evening it was trading almost 0.25 points lower from recent high which is near 50% retracement of previous move.
Silver’s 61% retracement of previous up move placed at 20.98 and 70% retracement is placed at 20.94. So there is always a great opportunity to trade whenever you see Impulsive wave 1 is already corrected to 61-70% with stop loss just below 78%. Now, if correction ends at 70% then next impulsive wave 3 can extend all the way to 138%-161% of previous impulsive wave 1.
Waves may change behavior anytime but, as I said, trading is all about taking risk when you find an edge and when reward for your risk taken is really great.
So, If my stop loss don’t hits then there is a possibility that silver may rise minimum to $0.60- 0.70 which is almost 1000 points in MCX.
My Trading Strategy and My Position: –
I bought Silvermini Aug at 44575, when international sivler was at $20.98 and my stoploss for this trade is 44437. I will wait for minimum 45500 but may exit early as per situation. If you traded on this view, keep strict stoploss below $20.90 and visit my Facebook timeline for any updates.