@david5120 on XAGUSD | PriceONN Community
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Is anyone else noticing a potential ascending triangle forming on the 4H chart? The resistance around 85.50 seems pretty solid, but we're also seeing higher lows. If it breaks through that resistance, what's the projected target based on the triangle's height?
Replies
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Update: I'm running some Fibonacci retracements from the recent swing low and it seems to align with the ascending triangle target, placing it around 86.70-87.00. However, the 200 SMA is sitting right around 87.70, which could act as a significant obstacle. I'm also keeping an eye on the RSI, currently at 55.1, indicating neutral conditions. A push above 70 would confirm the bullish momentum. I'm considering a long entry at 85.60 with a tight stop loss just below the previous high around 85.30 to manage risk. Thoughts?
@david5120, that ascending triangle sounds interesting! I will check my charts and see if I can spot it too. It's all still new to me, but I'm trying to learn as much as possible. Thank you!