My first analysis for today starts with the Silver.

I have written one in the past that ended in a stop loss:

https://www.finlogix.com/analysis/20210129/xagusd-short-hourly-bullish-triangle-formed-but-bearish-bias

This analysis was right as a short bias but the stop loss got caught right away.

Anyways, join me as I venture the Silver again.

Markets are still awaiting for 7 major economic data out this week that will give high impact on the US Dollar namely:

Assessing Silver’s high timeframe candles:

Yearly Candle: Developing a Small Red Spinning Top

Weekly Candle: Current is a Red Shaven Head

Daily Candle: Current is developing a Green Upper Shadow

Based on the 4H chart, the XAGUSD is trading in a falling wedge downtrend since December 2023 local high.

Seems in a 4th down wave structure after that peak targeting 21.85 lows.

I’m going to short XAGUSD with the following entries:

In case this down wave structure gets invalidated, I prepare a stop loss just above the resistance red trendline.

The take profit will be based on the October 2023 order blocks when Silver sellers are successful to target the 3 clustered support in the small squares I’ve drawn.

This move down will proceed a 5th wave structure to the downside after consolidation rally that might break down the support green trendline.

Good luck. Will adjust next trade plan after the result of this one.

Silver Intraday Analysis and Trading Plan For February 27, 2024

Feb 27 2024

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