week18 XAGUSD Support at 2014 low WR4B pending h1 1234

My initial thoughts on metals correlating with dow , snp indices , as well as jpy crosses are that they reflected risk on/off sentiments. So last thursday it happens that metals were up , jpy crosses and indices were down. In this case, it seems that all 3 groups happened to correlate and all point to a possible risk-off sentiment for the market.

D1

Price tested 2014 Jan low and was supported by Day close
Note that there was a previous 1234 which seemed to have failed.

week18 XAGUSD D1 still supported by 2014 low 280414

h4

Last week, there was strong hammer which caught everyone by surprise. On day close, it became a bullish hammer which closed above 4 weeks low and engulfed 5 day candlesticks.

week18 XAGUSD WR4B CTT with 5 day engulfing 280414

h1

On h1 a 1234 can be seen, monitoring to see if solid pt4 can be formed at w1 level, and hopefully this consolidation can setup to be a potential 2 x h1 bear trap 1234.

week18 XAGUSD h1 trade plan 280414

A trade checklist

to be tabulated , KIV

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