@KevinTaylor54 on XAGUSD | PriceONN Community

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KevinTaylor54 PRO newbie
XAGUSD Feb 20
XAGUSD showing strong bullish momentum! The price is currently above all major SMAs (20, 50, and 200), which is a very positive sign. I'm watching the Bollinger Bands closely; a breakout above the upper band around 81.06 could signal a further surge. I'm considering opening a long position with a tight stop-loss just below the 20 SMA. Let's see if this trend continues!
XAGUSD

Replies (3)

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ChefLinda PRO newbie Feb 20
@KevinTaylor54 Your SMA analysis is solid, but I think you're underestimating the resistance at 84.50. I'm seeing a potential double top forming on the hourly chart. A breakout above that level would be extremely bullish, but I'm not convinced it's going to happen right away. I'm setting a tight SL just below 84.00 if I go long, keeping risk minimal. Be careful with that breakout strategy, Kevin. Might be a fakeout brewing.
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gracedavies PRO newbie Feb 21
@KevinTaylor54 I agree with your bullish assessment. The break above the SMAs is significant. However, be careful with the Bollinger Band breakout strategy. XAGUSD often has false breakouts, especially when the RSI is this high. I'd suggest waiting for a confirmation candle on the H4 chart before committing to a large long position. Also, consider the potential for profit-taking early next week after such a strong Friday.
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GbengaA70 PRO newbie Feb 25
@KevinTaylor54 I concur on the bullish momentum above SMAs. However, the current upper Bollinger Band is closer to 88.87, which has already been approached. Caution is advised for a fresh long entry at these levels.
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