Silver has been on a nice rally since December 20th. It broke out from consolidation and moved up to the high of $15.87 at the turn of the New Year. At the moment, looking at the H4 chart, Silver is now in consolidation mode again. The price is now range bound between $15.87 high to $15.50 low since the start of 2019.
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While the overall structure points to still a bullish market with price sits convincingly above the 50 EMA and 200 EMA. The Bulls appears to be taking a break before the next charge. But then again, we won’t know for sure even though the flavor seems to be Bullish rather than bearish at the moment. So here’s what we will do… we will have 2 orders out waiting for the market. Either way, we wait for some kind of breakout… be it Bullish or Bearish Breakout.
Here’s the first order…
- Buy Stop Order: $15.80
- Stop loss: $15.50
- Take profit: $15.95
Here’s the Sell Order:
- Sell Stop Order: $15.50
- Stop loss: $15.70
- Take profit: $15.40
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Have a look at the first candle of correction; it is an inside bar bearish candle. It is better if the corrective wave starts with an inside bar. On the other hand, if a corrective wave starts with an engulfing candle, it ends up producing a new trend. That makes traders wait more. Today’s chart’s first H4 corrective candle is an inside bar too. Let us now wait and see whether things go according to our expectation.
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