Thursday, April 14, 2016

Silver: Ichimoku clouds


Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 16.20
Take Profit 17.70
Stop Loss 16.00
Key Levels 16.09, 16.29
 
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (16.09). The closest resistance level is Tenkan-sen line (16.29).  
On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (16.00). The closest resistance level is Tenkan-sen line (17.70).
On the both charts the instrument is still falling. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (17.70) line and Stop Loss at the level of Kijun-sen line (16.00).


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