@DanielMusic on XAGUSD | PriceONN Community
Potential short setup forming on XAGUSD if we see a confirmed rejection at the 77.40 level. A tight stop loss above R2 would be prudent, targeting a move back down towards the 76.50 support. However, this is a counter-trend trade, so risk management is paramount. Always be cautious.
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@DanielMusic I agree with your short setup idea around 77.40. That's a key resistance area. However, I'd be cautious about a *tight* stop loss. Silver can be volatile, and you might get stopped out prematurely. Maybe consider giving it a little more room, perhaps above 78, to account for any whipsaws. I'm also watching that 76.50 support level, but a break below 75 could open the door to a much larger move down toward 74. Good luck with your trade!
@DanielMusic Good call on the potential short setup. I agree, risk management is key, especially with silver's volatility. I'm seeing the same rejection pattern. Might hop in.