HOW TO TRADE FOREX
Good Morning!
Friends, As promised, we have a chart on silver especially for you today. Whether you trade Physical Silver or CFD or Spread betting. It does not matter. Today, I would like to show you a very low risk reward trade. If you have never traded before and you don’t understand the terminology please do not worry at all because I will be more than happy in my spare time to answer any questions you may have.
Being profitable with consistency is the first key trading which is obvious to learn how to trade forex, but what is more worth taking a note on is we should only trade 20-30 times a month but trade with perfection. That is how you should begin when you are a beginner and want to learn how to trade forex.
So what do we have here on silver!
I don’t know how many of you had traded silver back in 2010 and 2011 but that is when the silver bust came along. That’s correct we were sitting at almost $50.. Big difference right now sitting around the $15 mark.
What I am seeing for silver going forward – Well! Now I believe this final phase of accumulation is over on silver from my experience and trading chart watching for several years.
The daily chart explains this quite beautifully. Again for any new traders let me explain the chart in just 5 steps.
1) It is clear from a daily perspective that we are trending where UP So we are bullish which means we should be looking to go Long or Buy silver on any given opportunities.
2) We have a clear uptrend represented by higher highs.
3) From point 1 and 2 we have to establish where to take our first position. The best place to take a position, in my opinion, will be $15.65, this is the 23.6% fib retracement and also a point of demand and support.
By the way supply/demand, support and resistance are 3 different concepts all together which I will explain on another day.
4) Where do we place our stop loss again? This is very clear $15.55 should be just enough after looking at previous mini-accumulation zones and support n silver I would be happy with this.
5) What does the trade look like?
SILVER TRADE: GO LONG ON SILVER AROUND 15.65$ WITH A STOP OF $15.55 AND THE TARGET WILL BE 16.35 AND 16.80.. Looking for a breakout towards $19…yes that is correct $19.
Wish you all the best of luck!
Please trade at your own risk by learning how to trade forex, this in no way meant to be trading advise but mere an analysis of the pair which will I be trading myself.
Have a beautiful day!
Live from the Platinum Trading Floor
Nisha Patel
If you would like a free consultation on learning how to trade forex or you would like to advance your skills, please let me know.