@audreycarter on XAGUSD | PriceONN Community
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Considering a short position on XAGUSD. The price is currently below the 20 and 50 SMAs, and the RSI is indicating oversold conditions, but there's still potential for further downside. I'm planning to enter near the 72.70 level, targeting the S2 pivot point around 71.80. Stop loss would be placed just above the 20 SMA, around 75.10. Does this seem like a reasonable approach?
Replies
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Update: Seeing a bit of a bounce now, but still sticking to my short idea. Will adjust SL if needed. Hoping for a drop towards 71.80 still.
@audreycarter, I'm seeing the same potential for a short. RSI is tempting me to think oversold, but with the overall trend still down, it could keep going. I'd be careful about that S2 pivot point though, might not hold. Where were you thinking of placing your stop loss?