Free Profitable Forex Newsletter
Hey! This is Philip with this week's trade idea of the Free Profitable Forex Newsletter!
Uncertainties Linger; Fx Volatility Still Depressed
The short EURGBP trade from 2 weeks ago was quickly stopped out with a tight stop of 30 pips while the long EURCHF trade from last week has not been triggered yet.
The potential for EURCHF to rebound is still there but it’s preferable that we see stronger bullish signs around the 1.1150 - 1.1200 area before entering a long trade.
Volatility is still depressed at historic levels across all the major Forex pairs and price action is highly unpredictable within the tight ranges. Trend trading and swing trading look dead in this environment and aside from some short-term tactical opportunities, there isn’t much going on in the Fx market.
With that said, we are turning to another potential trade that could be a good opportunity if the conditions to take it will be triggered.
Potential Bullish Setup on Silver (XAGUSD)
Gold is on the move amid latest Trump tariffs on Mexico, but Silver doesn’t follow suit as it stalls at strong resistance. Risk of has deteriorated overnight, and if the worsening continues it could cause a strong bullish move in Silver as well.
Importantly, the daily chart of Silver looks nice and a potentially great bullish trading setup may be in store soon.
Silver has been trading in a downward channel for the past two months and now it needs another push higher above the resistance trendline at $14.50 to trigger a potentially strong bullish breakout. In this case, the shiny metal is likely to reach the $15.20 - $15.50 price area rather quickly - setting up a nice bullish opportunity.
The stop loss in such a scenario can be placed just below the breakout point on the chart, or below the most recent pivot low at $14.25. The technical situation is clearly shown on the chart:
- The long trade would be triggered with a bullish breakout above the resistance trendline (daily close above the falling resistance trendline);
- currently, that is at the $14.50 zone
Stop loss:
Targets:
- 1st - $15.00 area
- 2nd - $15.20 area
- 3rd ultimate target - $15.50 area toward the key weekly resistance as shown on the chart
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