Trade Setup: XAG/USD – 27 Sep 2016

27 Sep 2016
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27-sep-2016-xagusd

Candle Stick Pattern: Bearish Engulfing at 2nd and 3rd bar, also a variation of Evening Star at (1)
Confirmation:

  • Touched outer band of Bollinger Band at (1).
  • Stochastic overbought range at (4).
  • Retesting previous resistance at (3).
  • Increase in volume at last bar also confirming the reversal.

Signal: SELL
Entry Point: 19.50
SL: 20.08 (58 pips) (Lowest low of the 3 candlestick bar of the morning star)
TP: 18.76 (74 pips) (Recent support level)

[UPDATE 1 – 29 Sep, 2016]

27-sep-2016-xagusd-cont

As the trend changed now, so close the trade book profit.

 

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