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XAGUSD report for swing/day trades #3

Setup favours short XAGUSD with this pattern with rising USD

Analysis for swing traders

Rising USD amidst rising rates is bearish for XAGUSD because of inverse correlation. With triangle consolidation pattern support and resistance boundaries are clearly defined. XAGUSD is at resistance now. Combined with pink shadow on top this setup favours sell. Pink setup is drawn from previous week closes see notes below.

Analysis for day traders

Continue long with current week white candle.

XAGUSD daily chart 03 by Colonel Kink Forex Reporter

XAGUSD daily chart 03 by Colonel Kink Forex Reporter

Please leave your discussion here.

Report ‘WTI report for swing/day trades #2’ linked here.

Notes: Technical Analysis states that previous turning points offer future potential support resistance zones. 

1. Attach a horizontal line at each turning point in the past 12 months on weekly chart. 
2. These lines leave a shadow. 
3. Shadows are not evenly dispersed but tend to be clustered. 
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance. 
5. Look for dark shadow to offer next turning point. 
6. Price will move quickly through empty spaces or bright areas.

Forex ideas using the ColonelKinkSAR™ Method. Follow me on https://www.tradingview.com/u/colonelkink/.

I have no license to analyse/provide recommendation anywhere on Earth. I am a stranger. Bear your own consequence if you choose to listen to a stranger.

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