Silver: Ichimoku clouds
03 January 2018, 13:10| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 17.00 |
| Take Profit | 17.25 |
| Stop Loss | 16.80 |
| Key Levels | 16.80, 17.03, 17.25 |
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Kijun-sen line (16.80). One of the previous maximums of Chikou Span line is expected to be a resistance level (17.25).
On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from below, current cloud has reversed from descending to ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (17.03). One of the previous maximums of Chikou Span line is expected to be a resistance level (17.25).
On the four-hour chart we can see a correction of the upward movement. On the daily chart the instrument is trading within the cloud. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (17.25) line and Stop Loss at the level of Kijun-sen line (16.80).
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