News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
More View more
Real Time News
  • UK CHAPS payment data shows aggregate spending 90% of February 2020 average in week to June 17th, previous reading 95% - ONS
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here: https://t.co/muYkTNXH7s https://t.co/ZW1gp50see
  • 🇵🇭 Interest Rate Decision Actual: 2% Expected: 2% Previous: 2% https://www.dailyfx.com/economic-calendar#2021-06-24
  • 🇩🇪 Ifo Business Climate (JUN) Actual: 101.8 Expected: 100.6 Previous: 99.2 https://www.dailyfx.com/economic-calendar#2021-06-24
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.64%, while traders in GBP/JPY are at opposite extremes with 75.17%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/N26m07YWxC
  • Heads Up:🇵🇭 Interest Rate Decision due at 08:00 GMT (15min) Expected: 2% Previous: 2% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇩🇪 Ifo Business Climate (JUN) due at 08:00 GMT (15min) Expected: 100.6 Previous: 99.2 https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇪🇺 European Council Meeting due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:💶 ECB General Council Meeting due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-24
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.48% Silver: 0.09% Gold: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/RXJn9uLVkx
Silver Channels Lower During 40% Downtrend

Silver Channels Lower During 40% Downtrend

Walker England , Trading Instructor,

Silver continues to form lower lows from its April 2011 high of $49.78 ozt. During this descent, Silver has moved as much as 40 % lower throughout the year to $26.05. A price channel has emerged with a fresh test of resistance at $37.48 on February 29th. We can see price being contained by support and resistance as it continues its trajectory lower. As price trades under the main trend line we will keep a bearish trend bias on silver and look for selling opportunities.

Silver_Channels_Lower_During_40_Percent_Downtrend_body_Picture_2.png, Silver Channels Lower During 40% Downtrend

Moving into today’s 4Hr chart, we can begin to see price move back to short term support created on January 25th at $31.54. Trading breakouts can allow us to enter into the market with the creation of new lows back to longer term support. Once entered into the trade, stop orders can be left above the previous high. Using breakouts to enter trends can keep us out of unwanted trades as well. If price begins bouncing off support over $33.07 we can simply delete our sell entry.

Silver_Channels_Lower_During_40_Percent_Downtrend_body_Picture_1.png, Silver Channels Lower During 40% Downtrend

My preference is to create an entry to sell silver under support. Orders should be placed under $31.40. Stops should be set above $33.06. Primary limits should look for a minimum of $1.65 profit at $29.75 for a 1:2 Risk/Reward ratio. Secondary targets can look for the channel low near $22.15.

Alternative scenarios include price breaking over short term resistance testing new highs.

---Written by Walker England, Trading Instructor

To contact Walker, emailinstructor@dailyfx.com. Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list, send an email with the subject line “Distribution List” to instructor@dailyfx.com

DailyFX providesforex newson the economic reports and political events that influence the currency market. Learncurrency tradingwith a free practice account and charts from FXCM.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES