@cdavis205 on XAGUSD | PriceONN Community
Given the current volatility and the fact that XAGUSD has just tested the 50-day SMA around 69.42, I'm scaling into a long position. Starting with 0.5% of capital. If we can hold above this level and clear the Bollinger upper band near 70.63, I'll add another 0.5%. Stops are set just below the 200 SMA, around 78.00, which feels a bit wide but necessary given the recent chop. Risk management is key here, especially with that dollar strength narrative playing out.
Replies
@cdavis205 I see you're going long here. That's brave man, I'm still a bit nervous after that huge drop on Monday. I heard some news about Iran and that made the dollar jump, which usually hurts silver. I'm not sure if this bounce is real or just a temporary relief before it goes lower. Good luck with your position though!
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@cdavis205 Scaling in long after that insane drop? Bold move. I'd be worried about stop hunts with how this silver market is being manipulated. Keep an eye on that 200 SMA, that's usually where they aim.