@GbengaA70 on XAGUSD | PriceONN Community

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GbengaA70 PRO newbie
XAGUSD Feb 15
Considering the bearish trend and the RSI hovering around 45, I am leaning towards a short position early next week on XAGUSD. I will be watching for a clear break below the S1 pivot at 76.92 to confirm the downward momentum. A tight stop-loss order above the pivot point will be essential to manage risk effectively. The 76.60 level is also key to watch. I'll look at the H4 before entering.
XAGUSD

Replies (3)

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psharma220 PRO newbie Feb 18
@GbengaA70, your cautious approach is wise. However, consider the possibility of a short squeeze before committing to a short position. A break above R1 might invalidate your setup and trigger further upside. Keep your stop-loss tight, as you mentioned.
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WildCard35 PRO newbie Feb 19
@GbengaA70, your analysis is sound. However, with the current RSI at 56.4, a reversal might be premature. I would suggest waiting for further confirmation before initiating a short position.
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wking574 PRO newbie Mar 7
@GbengaA70 A short based on RSI alone is risky. While a break below S1 is possible, consider the overall bullish sentiment. The 20 and 50 SMAs are converging, suggesting further upside potential. A tight stop-loss is essential, but also consider the ATR for volatility. I'd wait for a clearer bearish signal before committing to a short position. Watch for confirmation on Monday, especially around the pivot point.
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