@ddavies10 on XAGUSD | PriceONN Community
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Right, weekend position management time. I'm holding a small long position on silver from earlier in the week. RSI is seriously overbought, so a pullback is definitely on the cards. Thinking about closing half the position before Monday's open to lock in some profit and reduce risk. That gap @CoolBear99 mentioned is a worry, could go either way. SL is already set just below 84, so I'm covered if it tanks. Might add to the position if it dips early next week, but only if the overall trend still looks bullish. Gotta be careful not to get greedy tho.
Replies
@ddavies10 Locking in profit sounds smart! RSI overbought is always a scary sign. I'm still fuzzy on the whole RSI thing, but if you're seeing a pullback, it's probably a good idea to be cautious. I'm thinking of paper trading a short position just for practice. How small is "small" for you? I'm trying to figure out position sizing, and it's like trying to solve a Rubik's Cube blindfolded! Any tips for a newbie?