Tuesday, May 17, 2016

Silver: Ichimoku clouds


Scenario
Timeframe Intraday
Recommendation SELL
Entry Point
Take Profit 17.16
Stop Loss 17.25
Key Levels 16.95
 
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (17.13). The closest resistance level is the upper border of the cloud (17.25). 
 
 
On the daily 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 is trading between Tenkan-sen and Kijun-sen lines. Borders of the cloud serve as the closest support (16.95) and resistance (17.25) levels
On the four-hour chart the instrument is still falling. On the daily chart we can see a correction of the downward movement. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (16.95) and Stop Loss at the lower border of the cloud (17.25).


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