@rahul1534 on XAGUSD | PriceONN Community
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This week's XAGUSD trades were a mixed bag. I entered a short position mid-week based on the SMA 50 resistance but got stopped out due to the volatility. Should have waited for more confirmation before entering. Need to refine my entry strategy to avoid false signals in the future.
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Also, I'm curious to see how the price reacts to the pivot points next week. S1 at 76.92 and R1 at 77.9 could act as significant support and resistance levels, respectively. If the price breaks above R1, I might consider a small long position with a tight stop-loss below the pivot point.
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Update: Considering the RSI at 45.2, it seems the bearish momentum is weak. I'm thinking of adjusting my strategy for next week to be more neutral, perhaps waiting for a clearer breakout above or below the current range. Will monitor the price action closely on Monday's open for potential opportunities.
Hi @rahul1534, sorry to hear about your stopped-out trade. I'm still learning about SMAs and how to use them effectively. It sounds like you're saying waiting for more confirmation is important. What kind of confirmation signals do you typically look for before entering a trade? I'm trying to understand how to avoid those false signals too.