Silver is now declining very sharply, after rallying at the end of January amid tricks of speculators.
In fact, quotes have formed a wave pattern (ABC), in which wave “A” is the bearish initiative observed in the last three days.
Taking this into account, short positions may be opened from $ 27.7- $ 28.0, the target of which is a 50% retracement.
Limit should be set at $ 29, and then take profit as soon as the quote breaks through $ 26, $ 24 and $ 21.50.
Of course, traders still need to carefully assess the situation before placing any position. Trading is very precarious, but profitable as long as the correct strategy is used.
The plan above follows Price Action and Stop Hunting methods.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.