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

Verified Profitable Trader

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

For those wanting to learn to trade price action, access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

Upcoming Announcements:

EUR Spain Spain Deadline for Bad Bank List RescueRequirement
EUR Spain Current Account
EUR Greece Retail Sales
GBP GfK Consumer Confidence Survey 20.00EST
AUD Private Sector Credit (YoY) 20.30EST
AUD Building Approvals (YoY) 20.30EST
EUR Euro-Zone Consumer Price Index Estimate (YoY) 06.00EST
CAD Gross Domestic Product YoY 08.30EST
AUD AiG Performance of Manufacturing Index 17.30EST

Make Sure To Check Out My Newest Articles:

Forex Price Action – Intraday Breakout Pullback Setup
Intraday Forex Price Action Setup Oct. 25th
3 Ways Archery Helps My Trading

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article