Forex Price Action – Silver Forms ii Pattern on Dailies | Oct. 30th

With most US exchanges closed for Hurricane Sandy, liquidity and volumes were definitely lower today with most pairs and instruments playing in a tight range today.  Silver has now formed back to back inside bars, or an ii pattern, and this will not go on for much longer.

Although the precious metal is trying to form a base, it has yet to show any bullish legs, so until this happens, I expect short term more downside with the $31.50 level being key.  For the upside, bulls will want to clear $32.50 before feeling more confident so watch for clues on either side of these prices for the next leg.

ii pattern price action inside bars oct 30th

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Chris Capre, Founder of 2ndSkiesForex, is a professional trader who specializes in trading price action. His blog attracts 150,000+ monthly readers across 110+ countries, including; Australia, USA, Singapore, UK, Canada, & Germany. To discover more about Chris’s Price Action Strategies, visit his Price Action Course page.

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