We spoke about a potential trade setup on Silver recently which is shown below, but the setup never was triggered and price retraced further into the trend mean and dropped a Rejection Candle Signal in line with the bearish trend. The Price Action Protocol demonstrates that these types of areas on the charts are considered hot spots for signals to form, so if price does breach the signal low we could see the continuation of this bearish trend.
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Focusing on the Silver market this session as we’ve spotted an Inside Day signal with a nice bearish tone to it’s close. This market is clearly trending downward so we are looking for any breakouts lower to trigger us into this nice downtrend. Be cautious of Asian false breakouts which may trap traders into a bad position, we cover how to avoid Asian false breaks in the Price Action Protocol. We always like to trade in trending conditions such as this, established trends back the Price Action signals and give them value as a high probability trade that can produce excellent risk/reward figures.
Giorgi
Hi Dale, sorry, but first chart not a Silver ), this is Gold.