Month to month, Silver is still downtrend. There is no signs of bullish month expansion yet.
From the chart, there was a bearish day expansion that flushed the months high. That was the decisive close that caused the swich to bear camp. Noticed how price tend to respect the Equidistant channel top? This is a recurrent price pattern playing out from time to time.
Zoomed into h1 to monitor for test of this 2 mth level as resistance. A shooting star day close will be a very good trigger to short this chart.
On friday, price did not test the level of 17.40 as I would have best hoped to be. Of course, price is never obliged to come to the level which we have best tactical advantage. More often than not, Entry Point as always about improvisation for me. What was more important was the adjustment of position size to contain the risk. I believe for this setup to be wrong price needs to negate this bearish day expansion, so a logical SL has to be placed there.
Took profit for this trade. Price went to where I wanted. Although the RRR was not fantastic at 1:1 , this trade eventually closed at a profit.