XAGUSD Breakout Trading Strategy – 31st Dec 2018

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XAGUSD or Silver has been on a Bullish run since it successfully double bottomed in Nov 2018. On the daily chart, XAGUSD broke out from the 200 EMA. While I feel there is strong momentum now to carry silver into more bullish territory, however, we have to be careful that it might be due to some profit taking soon.

So here’s what we will do, we will zoom out to lower time frames and take a closer look at the potential breakout points. Let us zoom into the H1 time frame to take a look at the consolidation area. And you can see the high and low of the consolidation area.

While we want to catch another breakout to the upside, there might also be good opportunity to the downside. So we will be entering into 2 Stop orders – one for Buy and the other for Sell.

Here’s the first Buy Stop Order:

• Buy Stop Order: 15.40
• Stop loss: 15.20
• Take profit: 15.50

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Here’s the Sell Stop Order:

• Sell Stop Order: 15.20
• Stop loss: 15.45
• Take profit: 15.10

Recommended Position sizing: 0.01 for Every One Thousand in your portfolio

If you have entered the orders correctly, then we are waiting for a breakout to happen either on the long or short side. Your MT4 screen should look like this.

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