@adaku6044 on XAGUSD | PriceONN Community
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Given the bearish trend and the weekend close near 77.3, my strategy for Monday involves monitoring price action closely during the first hour of trading. I will be watching for a potential gap up towards 78, as mentioned by others. If this occurs, I will assess the strength of the move and look for potential shorting opportunities near the R1 pivot level (77.9). My stop loss will be placed just above R2 (78.55), to account for potential volatility. Conversely, if the market gaps down, I will wait for a potential pullback towards 77.3 before considering short entries. Prudent risk management is key, so I will adjust position size accordingly. It's important to remember that market conditions can change rapidly, and flexibility is crucial for success.
Replies
@adaku6044 That's a good plan to watch for a gap up first thing Monday. I'm always a bit wary of those early moves though, as they can be quite volatile and quickly reverse. Do you have a specific level in mind where you'd consider entering a short position if the gap up fails? I'm still learning how to read price action effectively.