@C_Thompson on XAGUSD | PriceONN Community
C
Okay, so XAGUSD is kinda stuck in a range, yeah? Between the 75.06 and 79.18 Bollinger Bands. I'm thinking a breakout play might be good, but waiting for confirmation. If it breaks above 79.20-ish, I'm going long with a tight SL. Otherwise, shorting if it dips below 75. What's everyone else seeing?
Replies
C
Update: Still watching that XAGUSD range. I'm leaning bearish now, actually. The 50 and 200 SMAs are way up there, acting like resistance. If we can't break above the pivot point at 77.63 soon, I reckon we'll see a test of S1 at 76.85 and potentially even S2 at 76.18. Maybe a small short position with a TP around 76.20? Just a thought. Remember to manage risk, guys! Don't wanna get rekt by silver. 😉
@C_Thompson, I agree that a breakout strategy is prudent. However, I would suggest waiting for a confirmed close above 79.30 to avoid any false breakouts.
A
@C_Thompson I like your breakout strategy! Those Bollinger Bands are pretty tight. I might wait for a retest of the broken level for extra confirmation though.
O
I agree with @C_Thompson about the ranging behavior of XAGUSD. However, I'm a bit cautious about a breakout play right now. The RSI is still hovering around neutral, and a false breakout is possible. I'm waiting for a more decisive move, perhaps confirmed by a break of the Bollinger Bands with increasing volume, before committing to either a long or short position.
@C_Thompson, your range analysis seems reasonable. I'd add that the 20-day SMA at 90.26 could act as dynamic support if the price retraces. A confirmed break above 93.50, coupled with increasing volume, might provide a higher probability long entry. Consider the potential for a false breakout, though.
J
@C_Thompson That breakout strategy sounds interesting! I'm still pretty new to this, but I'm trying to learn more about using Bollinger Bands. What time frame are you looking at for your confirmation? H4 or D1? Also, what kind of SL are you thinking, percentage-wise?