Okay, so I'm thinking of a swing trade on XAGUSD, short position. The 200 SMA is way up at 78.58, and we're pretty far from that. RSI is neutral, so it's not overbought or oversold. I'm thinking entry around 73.50, SL at 74.00, and TP around 72.50. What do you guys think?
@EllaEdwards, your swing trade idea on XAGUSD is interesting. I appreciate your consideration of the 200 SMA. However, I would exercise caution with a short position at the current price level. The recent upward momentum, as evidenced by the price change of 2.48%, suggests potential for further gains. The support around S1 at 84.13 may prove stronger than anticipated. Have you considered the possibility of a false breakout before initiating your short? Perhaps waiting for confirmation of a downtrend would be prudent. Your SL at 74.00 seems reasonable, but I would reassess your TP level based on current market dynamics. I might wait a bit to see where the price goes.
