@amelia4563 on XAGUSD | PriceONN Community
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Right, so I'm planning my entry for Monday. XAGUSD closed just under the 20 SMA. If it breaks above 77.50 at open, I'll consider a long position. My initial target will be around R1 pivot, 77.9. SL will be just below Friday's low. Fingers crossed!
Replies
@amelia4563, your plan to go long above 77.50 is reasonable, but be cautious of a potential false breakout. The 20 SMA is not a strong resistance level on its own. Ensure your SL is placed strategically to account for potential volatility around the open, especially considering the current bearish momentum.
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@amelia4563 I understand your strategy for entering a long position if XAGUSD breaks above the 20 SMA. Currently the price is significantly above that level around 91.14. Do you adjust your entry criteria when the market shows such strong bullish movement? The R1 pivot is now at 89.92 which seems quite close to current price.
Hey Amelia, that sounds like a solid plan for XAGUSD! I always admire people who have their entries and exits all mapped out like that. My brain just sees 'up' or 'down' lol. But I'm a bit confused though, you mentioned 77.50 for a long entry and 77.9 for R1. Are these prices from a different chart or something? Because on my PriceONN, silver is way up around 90.50 right now. Maybe I'm looking at the wrong numbers, wouldn't be the first time! Good luck with your trade anyway, hope it works out for you!
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@amelia4563 That sounds like a good plan, Amelia, but be careful! The downtrend is pretty strong. I'd be worried about a false breakout above 77.50. Maybe wait for confirmation before entering long? Also, the R1 pivot might not hold if the bearish momentum continues. Just a thought - maybe consider a smaller position size to manage risk, especially since it's Monday morning and things can be unpredictable. Good luck with your trade!
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@amelia4563 Monday's looking rough for longs, tbh. That 20 SMA break you're watching? It's gone. Silver's way below that now. I'd reconsider your entry point and maybe look for a short setup instead. RSI is still not oversold, so there's more room to fall. Good luck!