XAG/USD Forex Signal - 24 July 2019

Adam Lemon

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.

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.

About the Author
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

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