{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/silver-fires-off-breakout-re-test-price-action-setup-need-know-31-may-16\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/silver-fires-off-breakout-re-test-price-action-setup-need-know-31-may-16\/","headline":"Silver Fired Off ‘Breakout & Re-Test’ Price Action Setup You Need to Know | 31 May 16","name":"Silver Fired Off ‘Breakout & Re-Test’ Price Action Setup You Need to Know | 31 May 16","description":"On the daily price action chart of the Silver market, price\u00a0has made a quick re-trace and re-test of the old support and new resistance price flip. This comes\u00a0after price broke lower and closed below after yesterday’s session. This is a high probability price action\u00a0pattern that we discuss regularly. If you are not already aware of […]","datePublished":"2016-06-01","dateModified":"2019-08-05","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2016\/06\/1-CIF-silver.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2016\/06\/1-CIF-silver.png","height":"1171","width":"2138"},"url":"https:\/\/forexschoolonline.com\/silver-fires-off-breakout-re-test-price-action-setup-need-know-31-may-16\/","about":["charts"],"wordCount":458,"articleBody":"On the daily price action chart of the Silver market, price\u00a0has made a quick re-trace and re-test of the old support and new resistance price flip. This comes\u00a0after price broke lower and closed below after yesterday’s session.This is a high probability price action\u00a0pattern that we discuss regularly. If you are not already aware of it or don’t understand how to trade it, I recommend you quickly get up to speed by going to this lesson:How to Make High Probability Trade Setups at The First Test of Support or ResistanceWe can often make the best trades when price makes the first test back into the major level. That is not by any means to say that we have to\u00a0ONLY make trades from the first test of a level,\u00a0but when price makes a first re-test of a level it is often the strongest rejection.An\u00a0example of this on the Silver market is\u00a0after price broke and closed lower on the daily chart,\u00a0it then started a retrace back higher into the price flip level. Price was looking to re-test the old support and new resistance level that\u00a0it had just broken out of.If you look at my 30-minute intraday chart (attached below), you will see that the first time price made a re-test at the price flip that was in line with the recent strong momentum price, it\u00a0fired off a rejection candle. This\u00a0signals that\u00a0it wanted to move back lower and reject this major level. This was the same daily level on the 30 minute chart –\u00a0see the charts below.The other super interesting thing to note about this 30 minute chart is\u00a0that after this rejection candle forms, price sells off a little bit, but does not make a strong move right away. This is really common when a market is looking to make a reversal. A lot of traders when they get into reversal trades will see that price is not going in their favor straight away, and then get nervous and do something silly like move their stops or play with their trade.Notice on the 30-minute chart price made another attempt at moving higher. Price moved almost to the pip to the same daily price flip resistance, before then reversing. I discuss the anatomy of a reversal in a lot of depth and how you should be using them in your trading in my most recent lesson at:How to Read a Price Action Market Reversal & Take Advantage When it Happens Daily Silver Chart Daily Silver Chart 30 Minute Silver Chart Related Forex Trading EducationHow to Read a Price Action Market Reversal & Take Advantage When it Happens "}