FX.co ★ Trading idea for silver

Silver is now declining very sharply, after rallying at the end of January amid tricks of speculators.

In fact, quotes have formed a wave pattern (ABC), in which wave "A" is the bearish initiative observed in the last three days.

Taking this into account, short positions may be opened from $ 27.7- $ 28.0, the target of which is a 50% retracement.

Limit should be set at $ 29, and then take profit as soon as the quote breaks through $ 26, $ 24 and $ 21.50.

Of course, traders still need to carefully assess the situation before placing any position. Trading is very precarious, but profitable as long as the correct strategy is used.

The plan above follows Price Action and Stop Hunting methods.

Good luck!