FX.co ★ lstanton | XAG/USD, SILVER

SILVERHello traders! The slope of the linear regression channel on the M15 chart is upwards. For me, this is a sign that there is a strong buyer in the market exerting pressure on sellers, indicating a buying opportunity. While there is a possibility that I may be wrong, considering selling in my case would mean going against the market, potentially leading to significant losses compared to entering long positions in line with the trend. Therefore, by setting a stop loss, one can always limit losses in case the market moves against the trading plan, with the stop not exceeding the entry point of 46.456. In my case, I will wait for the price to drop to the lower part of the channel, around the level of 46.456. Near this level, I will look for a buying entry to target the upper goal of 47.601. Selling should be expected near the upper channel boundary. It is advisable to hold off on buying until a correction forms.

The linear regression channel on the hourly chart is pointing upwards. The M15 channel is also aligned in the same direction. The consistent movement of both channels highlights an upward trend in this instrument. Currently, buying is crucial for me. I consider the entry point near the lower part of the channel, around the level of 46.443. Presumably, the market is heading towards 48.464, the upper boundary of the channel where market resistance is expected. If the market lingers near the upper channel boundary for a long time, a drop to the lower part of the channel is likely. I will skip selling during downward movements towards the lower part as it goes against the trend, and if there is no pullback and the uptrend continues. Therefore, I use a market entry method on pullbacks. I believe that this approach will align with a strong player who is pushing upwards, breaking resistance levels. The potential for an upward move in this case increases significantly.