XAG/USD Forex Signal - 24 July 2019

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Silver: Bulls testing 1-year high above $16.50

Last Monday’s signals were not triggered, as there was no bullish price action when the price reached the support level that day, identified at $16.25.

Today’s XAG/USD Signals

Risk 0.75%.

Trades may only be taken from 8am New York time Wednesday until 5pm Tokyo time Thursday.

Short Trade Idea

  • Short entry following bearish price action on the H1 time frame immediately upon the next touch of 16.82.

  • Place the stop loss 1 pip above the local swing high.

  • Move the stop loss to break even once the trade is 10 cents in profit.

  • Take off 50% of the position as profit when the trade is 10 cents in profit and leave the remainder of the position to run.

Long Trade Ideas

  • Long entry following bullish price action on the H1 time frame immediately upon the next touch of 16.25 or 16.00.

  • Place the stop loss 1 pip above the local swing high.

  • Move the stop loss to break even once the trade is 20 pips in profit.

  • Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

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XAG/USD Analysis

Silver seemed well positioned to make another upwards thrust on Monday after reaching a 1-year high above the big half number at $16.50 at the end of the previous week. However, that day the price reacted bearishly and appeared to break below the support at $16.25. A little surprisingly, the price made a strong recovery over the next day and is now struggling to really get established above the resistance at $16.50 which is getting slowly eaten up and invalidated. If the price holds up and then breaks really solidly above $16.50 in the early part of the New York session, I would be very bullish and look to trade long up to at least $16.75 and possibly even higher than that.XAGUSDThere is nothing of high importance due today regarding the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.
Learn more from Adam in his free lessons at FX Academy.