Ichimoku Silver: Should we enter a trade now? 5-13-10

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  • Ichimoku Silver: Should we enter a trade now? 5-13-10

Besides Gold, Silver is the main topic on CNBC lately.    If you look at the weekly chart on Silver, we have reached a major resistance on Silver.  In fact, on the daily timeframe, we gapped straight up to that resistance value.  
Looking at the daily Ichimoku chart, it shows that out of equilibrium since the Tenkan Sen is far away from price.  As a result, we will wait for a pullback to occur and then look for a low risk trade for Silver to break the major resistance.  
If you are a conservative trader, this trade may not be for you since we are looking to trade a breakout of a major weekly resistance. 

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