I had my sights set on the 19.11 entry for XAGUSD for quite some time now. In fact, I've been stressing this fall for quite some time now. If you don't want to wait for that reversal entry, you may actually take the other side of the trade.
XAGUSD is not looking optimistic anymore. Notice the candlestick tail shadow from two trading days back. This shows that price was trading higher, but didn't close nearly as high. What does this mean? If we put it in terms of supply and demand at each level, this simply means that there are more sellers than buyers above $19.50. The wick of the candlestick is almost ten times the body. This shows that the price traded higher, but failed to stabilize. With the trading day closing lower, it looks like selling is about to accelerate.
Selling short this pair is not recommended. However, it still has a little way to go before hitting and cross the 19.11 price target. Just keep in mind that we also have a demand zone coming up so this pair will experience moderate to heavy buying at around the 19.20 level.
