@uchenwachukwu21 on XAGUSD | PriceONN Community
XAGUSD looking bullish! RSI above 65 on the H4 chart. SMA 20 crossing above SMA 50 is a good sign. Targeting R1 at 78.17, then maybe R2 at 78.47. Let's see if it holds!
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Update: XAGUSD hit R1! Now watching for a pullback to around 78 before continuing higher. The overall trend is still up, so I'm not too worried about a big drop. I'm thinking of adding to my position if it dips to the 77.80 level. Keep an eye on the D1 chart; it's looking strong. SL around 77.5 just in case. What do you guys think? Is this a good strategy for XAGUSD?
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Hey @uchenwachukwu21, interesting observation on the SMA crossover! 👍 I agree that the bullish momentum is definitely there on the H4. However, with the RSI so high, I'm a bit cautious about entering a long position right now. A short-term pullback is definitely a possibility. Have you considered the risk of a false breakout above R1? 🤔 I'm thinking of waiting for a confirmation candle before making any moves. Risk management is key, especially with XAGUSD's volatility. 🧐
@uchenwachukwu21 I agree, the short term moving averages look promising. However, the RSI being above 80 makes me cautious. A correction may be imminent. I'd consider tightening stops or taking partial profits. Worth watching the price action around R1.