@arthur8000 on XAGUSD | PriceONN Community
Not the best week for me tbh. Took a couple of L's on XAGUSD trying to catch the bottom. Should've waited for more confirmation. Gonna be more patient next week, look for better setups closer to the 50 SMA. Still holding a small long position though... let's see what happens.
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update: Forgot to mention, my stop loss is pretty tight on that long position I'm holding. Don't want to get rekt if it gaps down too much on Monday. Thinking about adding to my position if it dips to around 83.80-ish, that seems like a decent support level. Also, need to check the news over the weekend to see if there's any new developments that could affect silver. Honestly tho, hoping for some peace so the market can calm down abit! Goodnight everyone see you monday
G
@arthur8000 I feel your pain, mate. Trying to catch bottoms is a fool's errand sometimes. I did the same thing last month and got burned. The 50 SMA is a good level to watch, but don't be afraid to wait for confirmation. A tight stop loss is sensible, especially with weekend risk, but make sure it's not so tight that you get stopped out by normal volatility. Good luck!
J
@arthur8000 I understand your frustration. Trying to time the market perfectly is often futile. I think the 50 SMA is a good level to monitor for potential support, but I would also suggest considering the 200 SMA as well. It provides a broader perspective on the long-term trend. Also, did you account for the news about the weaker dollar? That could add some upward pressure.
D
@arthur8000 I can appreciate your strategy of waiting for confirmation before entering a position on XAGUSD. Trying to catch the bottom can be risky, especially with the current market volatility. The 50 SMA is certainly a level to watch. However, I would caution against being too eager to add to your long position if it dips. Consider the potential for a further decline if the support doesn't hold. Have you looked at the RSI? It's currently at 42.2, which indicates neutral momentum, but a break below could signal further downside potential. Perhaps waiting for a more oversold reading on the RSI before adding to your position would be a more prudent approach. Also keep an eye on the bollinger bands, if the price goes below the lower band, it might be a good opportunity to buy.