The Charts here are produced by MetaTrader 4 with my SilverTrader trading indicator system. Get your copy now.
There is a plethora of trading news today @ Mid day and to prove it most trades are just stuck in congestion.
I had a short on on Silver last night after it broke congestion at the top of the pair and have removed this on the neutral signal from my SilverTrader trading plugin for MT4.
I am currently waiting for the break one way or the other out of the yellow 4 hour indicators (which actually are hiding the blue hour support and resistance) I have given myself a time limit for an order up to 10:30 after that I’m not interested till after the news.
Yes, it looks bearish but without the break out of the congestion there is no trade for me here.
On another topic I have just topped 4000 subscribers! (woohoo!) so I have had to move to MailChimp so you will still get your daily emails and have subscribe and unsubscribe facilities as usual but with more efficiency.
Have a good day people, I will be launching the new trading software tomorrow night GMT. Still not decided on price (has anyone got any ideas) but I want it to be accessible to the smallest traders as well as the “Big Boys”.
UPDATE: Silver just broke below 19.560 which was the bottom support, although the trend is only gentle I have placed a trade.
18.888 Take Profit (yesterdays Low)
Risk 07.2 Pips
Profit Potential 60.9 Pips
This will be closed by about 11:45 at the latest GMT