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silver

The Silver market had an active day to start off this week. Prices rallied up higher past the mean value and were quickly rejected.

The rejection of higher prices was sharp, creating a long wicked 4 hour bearish rejection candle which eventually  lead to a bearish rejection candle being printed on the daily chart at the close of day.

We can see the trend is bearish here, so the bearish rejection does align nicely with the downward momentum. It would be great if this market offered us a retracement entry, other wise it will be too difficult to get decent ROI from this setup.

Some traders do take the more aggressive approach and use swing levels on the intra day time frames as reference points for their stop losses.