Thursday, February 12, 2015

Opened - Short XAGUSD

I opened a short on silver (XAGUSD) this morning. As you can see in the chart below, silver's volatility has been shrinking over the last few days as it gyrates around a S/R level at 17.000, forming three consecutive inside bars. I went short on the close of the third inside bar after it satisfied my price action setup checklist. The technical setup aligned with my fundamental analysis (I'm bullish on USD).

My stop loss is just above the inside bars. Profit target is at 15.850, which would give me a profit of 2.2R. 

(click to enlarge)

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