Sorry I haven't been posting charts for a while. My computer crashed and I lost all the work I was doing for my training course. I'm busy re writing so I can't post as often as usual. Normal service will return soon.
Silver has taken a while to make the correction I predicted last month but it's more or less there. We may see some more down side but I don't expect much more. I'm now only looking for a long on this - at least back to the top of the correction. Remember do not try to catch the turn - wait for confirmation before looking for an entry set up. You'll lose you account searching for the bottom/top
Forecasts will be updated as they develop so remember to follow to receive them. You can also follow updates via twitter (link via my TV profile)
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
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If this is the turning point we'll be looking for a break of the trend line and a long entry set up. It may push lower but we'll still be looking for a break of the trend line
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Still waiting for a trend break and long set up. Price is approaching the 78.6 fib level so there is a high probability that it will turn soon.
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The title of my chart is the "next" big move will be long. That is still true.
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One more point on this - we don't trade the lines they are there to give us an idea of what the structure is. If price moves lower I move my line. My forecast only changes if the structure changes. The price movement is dynamic and so must our analysis be. It's difficult to show dynamic analysis on a static chart. Hope this helps
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Silver looks like it's ready to go long. Wait for the breakout before looking to enter
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This is starting to look like it's turning; we've had a break of the down trend. It may bounce around at this level for a while or it could go long very soon. Time to apply your personal trading strategy for an entry.
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We're not out of the woods yet - this may continue to bounce around down here for a while yet but it should eventually push north. Keep an eye for good opportunities to enter long.
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Progressing nicely - keep an eye on the trend line because we may get a big correction alone the way to the top. Move stops to protect profits
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"along"
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We've had a nice correction - which presented a buying opportunity - look like price will continue to rise from here although it may bounce around in this correction for a day.
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We've had a 61.8% fib retracement of the move up. I'm now looking for another long entry set up
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We're getting a long breakout of the correction - it may correct again (blue drawing) to give a better entry price -
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Progressing nicely - look for dips for additional entries.
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We've had another correction which may now be over. Let's see if it breaks the previous high and moves up to the channel top. If it stalls at the previous high we could be looking at a flat and a corrective c wave. Move stops up to protect any profits just in case the c wave happens.
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Looks like we're on the move up again
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OK we've had a push down which has taken out my stop loss but that's alright I had tightened my stop and protected most of my earlier gains. Now we have to decide where price is going next. You may think it's going all the way back down but if we look at previous action we can see that this type of deep correction is not unusual. The snapshot below shows the possibility of a bounce quite soon. I'll be looking for that move up. If price keeps going down it doesn't matter because I'm not in until it breaks north.
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mehdisdt
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dollar is losing power against other pairs seem this will boost your signal and will take it to target faster
SteveNixon
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@mehdisdt, Trade the structure - This has been a fantastic trade so far
mehdisdt
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@SteveNixon,
i want to know you opinion about EurJpy
what i see is that price is preparing to go in 3rd wave start at daily time . am i wrong ?!
SteveNixon
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@mehdisdt, it would be easier for me to help if you send a private message with a snapshot of your idea
mehdisdt
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something is wrong here
DXY is going to rise this mean silver should fall and same is about to happen for Euro
what do you think about it ?
my mind is about to explode on this info . i cant understand
SteveNixon
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@mehdisdt, The index is a measure of the dollar against all of the other fx pairs - it is not the dollar price. There are too many variables to try to workout how one thing affects another - The dollar index could well push lower before going long again. Trade the structure and protect your capital with stops.
SteveNixon
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@SteveNixon, One more point - analysis is dynamic - we constantly monitor the charts and make decisions according to what we see. If structure changes we change our forecast but we can't show this on the initial chart since it can't be edited. Hope this helps