@mkhan882 on XAGUSD | PriceONN Community

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M
mkhan882 PRO newbie
XAGUSD Mar 3
Is anyone else seeing a potential descending triangle forming on the H4 chart? The series of lower highs is concerning, especially with the price struggling to break above 84.00. If it breaks down through the lower trendline, what are your targets? I'm thinking 82.50 initially, then possibly lower.
XAGUSD

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M
mkhan882 PRO newbie Mar 3
Update: I've noticed that the 50 SMA is acting as dynamic resistance on the H4 chart. Each time the price has approached it, it's been rejected. This further strengthens my conviction that the descending triangle is a valid pattern. I'm still hesitant to enter a short position until I see a clear break below the trendline, but I'm definitely preparing for that scenario. A confirmed breakdown with increased volume would be my signal to enter. Aiming for 82.00 as TP1.
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