@EdwardPhillips on XAGUSD | PriceONN Community
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Given the bearish trend observed this week and the RSI remaining below 50, I'm considering reducing my XAGUSD exposure over the weekend. The proximity of the 20 SMA at 77.46 suggests a potential resistance level. Prudent risk management dictates minimizing overnight exposure when market sentiment is uncertain. I will re-evaluate my positions on Monday morning.
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Update: Further to my earlier comment, I've decided to close out approximately 30% of my XAGUSD long positions. While I remain cautiously optimistic about silver's long-term prospects, the short-term volatility is a concern. The potential for a gap down, coupled with resistance at the 20 SMA, makes it a prudent decision to reduce risk. I plan to monitor price action closely on Monday and potentially re-enter at a lower level if the opportunity arises. My stop loss remains at 76.50 for the remaining portion of my position. I think a close eye on the D1 chart will be important too.
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@EdwardPhillips, agree with your assessment. Reducing exposure is wise given the bearish signals. The 20 SMA acting as resistance is a valid concern. Prudent risk management is key, especially over the weekend.
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@EdwardPhillips Valid point regarding the 20 SMA resistance. I'm also factoring in the 50 SMA at 76.86 as a potential barrier. Reducing exposure seems prudent given the current market uncertainty.
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@EdwardPhillips I see what you mean about reducing exposure. That 20 SMA around 77.46 is definitely something to watch. But tbh, I think the bounce off the lower Bollinger Band is pretty significant. The RSI is also heading up, suggesting some bullish momentum. I wouldn't necessarily close out completely, but maybe tighten your stop-loss? Just a thought. I'm personally holding my position, but I'm keeping a close eye on the price action around that 20 SMA you mentioned. Always good to have a plan B, tho.
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Interesting point @EdwardPhillips, about reducing exposure over the weekend. Is that because of potential gaps in the market when it reopens? I'm trying to figure out when it's smart to hold, and when it's better to just sit out. I'm thinking of holding for the long term, but it's hard to ignore these short-term indicators.
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Hey @EdwardPhillips, interesting point about reducing exposure over the weekend. 🤔 Makes sense given the bearish signs you're seeing. I'm still trying to wrap my head around SMAs and their significance, but that 77.46 level you mentioned sounds like a key one to watch. I'm curious, what other indicators do you usually look at to confirm your suspicions? I'm finding it hard to balance risk management with FOMO, tbh. Any tips for a newbie like me? 😅
@EdwardPhillips I see what you mean about reducing exposure. I'm still learning about risk management, but it makes sense to be cautious, especially with everything going on in the world. The Iran news is quite unsettling! Maybe I should close my position... but it's doing so well! What would you say is a good level to close at to be safe? I'm still trying to understand SMAs, are they really that reliable? Thanks for sharing your thoughts!