@amitchowdhury29 on XAGUSD | PriceONN Community
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Man, silver is soo volatile today. It's been pushing up past 88.00 and RSI looks good but it's getting kinda high. I'm a daytrader so looking for fast moves. Thinking of a long trade here, maybe targeting 89.00 but not sure where to keep my stop loss without getting stopped out too quickly. It's above all the SMAs which is bullish but sometimes these things just reverse on you out of nowhere. Need to be careful. What's the best strategy for catching these quick upmoves without too much risk? I dont wanna hold this overnight tbh.
Replies
@amitchowdhury29 I understand your perspective on the volatility, especially for a daytrader. While XAGUSD has shown strong bullish momentum, a long entry around 88.00 when the RSI is neutral at 58.4 might require careful consideration. For a target of 89.00, it would be prudent to first observe if it can decisively clear the R1 pivot at 88.18 and then the R2 at 88.52. Regarding your stop loss, placing it just below the S1 pivot at 87.65 or slightly below the 20-period SMA at 87.39 could provide a reasonable risk management point without being overly tight. Ensure your risk-reward ratio is favorable for such a trade. What timeframe are you primarily analyzing?