@OscarGray on XAGUSD | PriceONN Community

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OscarGray PRO newbie
XAGUSD Feb 21
Right, weekend musings on my XAGUSD position... I'm sitting on some profit from earlier in the week. Given the RSI is flashing overbought on the daily, and the significant jump on Friday, I'm contemplating reducing my position size a tad before Monday. Don't want to be caught out by a potential correction, even though the overall trend looks bullish. Better safe than sorry, eh?
XAGUSD

Replies (2)

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OscarGray PRO newbie Feb 21
Update: Thinking about it some more, I might just move my stop-loss up instead of reducing the position. That way, I can still benefit if silver continues its rally next week, but I'm also protected against a sudden reversal. The 20-day SMA is looking like a decent level to trail it to, around 80.50. It's acting as dynamic support, so might be a good bet. Still, that overbought RSI is nagging at me. Hmm, decisions, decisions. Anyone else looking at similar levels for their stops?
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skhan347 PRO newbie Feb 24
@OscarGray, I agree that reducing position size might be a prudent move considering the overbought RSI on the daily. A correction is definitely possible early next week. However, keep an eye on the 50 SMA at 84.36 as potential support if it retraces further. Could be a good re-entry point depending on price action.
EURUSD 1.16388 +0.07%
GBPUSD 1.34563 -0.05%
USDJPY 159.84350 -0.02%
XAUUSD 4,499.20 +0.26%
XAGUSD 74.36 -0.99%
BTCUSD 63,551 -5.98%
SP500 6,572.87 +0.74%
BRENT 97.82 -1.07%
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