Forex Trade Signals and Setups Oct. 27th
Silver – Takes Out Key Resistance – More Upside?
As we said two days ago in silver;
“Silver is finally starting to wake up from its hibernation…We suspect an eventual upside break of the key resistance at $33.50 which has held the upside since the end of Sept. Once this breaks, we expect a quick move to $35.”
This is exactly how it played out as once price had a 4hr close above, within a matter of hours the shiny metal made a b-line for $35 like we mentioned. Many of our traders made some really good money on this so hopefully you did as well. Now the question is where does it go from here?
We expect this technical breakout to inspire new bulls into the market and older bulls to add onto their positions (read higher prices). The aforementioned resistance now becomes a key pullback support so any moves back to this level should be considered good buying opportunities. Now that price has cleared $35 and held there nicely, other than an end of the week paring of positions, we see higher prices after clearing $36 – likely headed to $39 possibly by next week. In fact, as we stated in the post two days ago, “we are suspecting a major upside break in silver which could be the beginning of a massive upside run.” This break and the price action around the break communicate exactly this to us. Expect higher prices.
AUDUSD – Ichimoku TKx Signal Plays to Perfection
Three days ago we mentioned the following about the AUDUSD;
“the Tenkan is tracking higher fast along with the Kijun. This is communicating momentum and the trend should continue.”
We also mentioned this TKx signal on the 21st of Oct. giving a heads up to all our traders we expected the AUDUSD to track higher and breakout of the 1.0500 resistance.
This TKx signal played out to perfection and price has climbed over +500pips since the signal so hopefully you got in on this trade like our Ichimoku traders did as well. The Ichimoku Cloud also gave you another pullback entry for those who missed the original signal. Notice how price pulled back perfectly to prior resistance which lined up exactly with the Kijun? This was a great opportunity to get back in like many of our traders did as well. After the impressive run in the last 30hrs, we may see a cooling off but we expect any pullbacks to the 1.0500 level to be a great breakout-retest setup for buyers to attack the 1.10/1.11 figures.
Remember to leave us your comments and also to click the ‘Like’ and ‘Tweet’ buttons below to share it.
For those of you looking to trade Advanced price action, or our Ichimoku Systems, make sure to check out our Advanced Price Action or Advanced Ichimoku Courses where we teach rule-based systems for trading Price Action and Ichimoku Cloud Trading.
Feel free to check out this great article on Trading Lessons from the Worlds Greatest Trader – Jesse Livermore.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book