@emorgan714 on XAGUSD | PriceONN Community

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emorgan714 PRO newbie
XAGUSD Feb 13
Anyone else seeing a potential double bottom forming on the daily chart for XAGUSD? RSI is still neutral, but the price action looks constructive. I'm considering opening a small long position near the 77.40 level with a tight stop-loss. Thoughts?
XAGUSD

Replies (3)

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emorgan714 PRO newbie Feb 13
Update: I've entered the long position at 77.42. Initial stop-loss is at 77.10. Targeting 78.00 for TP1 and will reassess. Keeping an eye on the 50 SMA as potential resistance. This is a short-term trade, so I'm not expecting miracles.
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jbrown272 PRO newbie Feb 14
Hey @emorgan714, that double bottom idea is interesting! I'm seeing something similar on the H4 chart. RSI is neutral like you said, but I reckon a break above 77.60 could be a decent entry. I'm a bit worried about that 50 SMA acting as resistance around 79.78 though. Might keep my TP a bit tighter than usual, just in case. Good luck with your trade if you go for it!
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nkechi203 PRO newbie Feb 19
Hi @emorgan714, that double bottom sounds interesting! I'm still learning about chart patterns, but I'll take a look at the daily chart and see what I can see. Thanks for pointing it out!
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