{"id":15803,"date":"2010-11-24T08:02:12","date_gmt":"2010-11-24T13:02:12","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=15803"},"modified":"2010-11-24T08:02:12","modified_gmt":"2010-11-24T13:02:12","slug":"triangle-breakout-trade-for-silver","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/11\/24\/triangle-breakout-trade-for-silver\/","title":{"rendered":"Triangle Breakout Trade for Silver"},"content":{"rendered":"<p><strong>By Russell Glaser <\/strong>&#8211; A continuation pattern has formed on the silver charts setting up a breakout play to the upside.<\/p>\n<p>The 4-hour chart displays a triangle  chart pattern with the ascending leg beginning on the 3rd of November  and the descending leg beginning at the all-time price high of silver at  $29.34.<\/p>\n<p>Traders should be anticipating a breakout to the upside as this trade would be in line with the direction of the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/11\/22\/identifying-the-trend-of-silver\/\">long term trend<\/a>. However, a breakout lower is also viable but less likely.<\/p>\n<p>To find the expected move following a breakout the base of the  triangle is measured. Therefore, we can anticipate a potential move  higher of $5 with an approximate target at $32.50.<\/p>\n<p>Patience will be needed as traders should wait for a definitive  signal that silver has moved outside of the triangle chart pattern.<\/p>\n<p>A protective stop should be placed inside the triangle to guard  against a potential false breakout. The stop can be located below the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/11\/23\/identifying-support-and-resistance-levels-of-silver\/\">support<\/a> at the price of $27 (S1).<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/11\/Silver_Triangle.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/11\/Silver_Triangle.JPG\" alt=\"\" width=\"590\" height=\"638\" \/><\/a><\/p>\n<p><em><strong>Forex <\/strong><strong>Market Analysis provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">ForexYard.<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                                                                      may         not       be                   suitable             for             all                                    investors.                        There             is     a                                                                  possibility                        that                                  you                   could                              sustain  a           loss                 of       all                of                your                                                          investment        and                                                 therefore       you                                       should            not                            invest                              money           that             you                                         cannot                        afford   to                                 lose.          You                                    should             be                    aware             of                         all                 the                risks                                               associated                   with                       Foreign                                  Exchange                                     trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; A continuation pattern has formed on the silver charts setting up a breakout play to the upside. The 4-hour chart displays a triangle chart pattern with the ascending leg beginning on the 3rd of November and the descending leg beginning at the all-time price high of silver at $29.34. Traders should &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/11\/24\/triangle-breakout-trade-for-silver\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Triangle Breakout Trade for Silver&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-15803","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/15803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=15803"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/15803\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=15803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=15803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=15803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}