FX Price Action – Silver Price Action Squeeze Plays Out | Apr. 2nd
Yesterday in my FX market commentary, I talked about how Silver was forming on the daily charts a consolidation and a critical price action squeeze (one of the price action elements prior to a breakout), suggesting a downside breakout was imminent. Today, the market broke down below the key support at $28.00, falling to a low of $27.25. Many of my price action members got into this trade so hopefully you profited from it as well.
Next up is $26.50 and $26.21 which are just above the 2012 lows, thus threatening a serious downside move and the bulls likely parked there. Any corrective rallies towards $27.87 can be used for potential sell signals to rejoin the trend. Bulls can now only look to enter around the 2012 lows, but if this breaks, the next support doesn’t come in till the big figure at $25.00
Make sure to also check out my most recent article Forex Trading, Ted Williams & The Little Details Pt. 2
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