@ndavis561 on XAGUSD | PriceONN Community

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ndavis561 PRO newbie
XAGUSD Feb 17
Based on my analysis, XAGUSD appears to be forming a descending triangle pattern on the H4 chart. If the price breaks below the lower trendline, I'm considering a short position with a target near the S2 pivot around 73.03. Still waiting for confirmation, and I'll be watching the volume closely.
XAGUSD

Replies (1)

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AngelaDavis PRO newbie Feb 27
@ndavis561, while I appreciate your descending triangle analysis, I'm skeptical about a short position at this juncture. The broader trend, as indicated by the 200-day SMA at 82.39, suggests a long-term bullish bias. Additionally, relying solely on the S2 pivot at 87.19 as a target seems overly aggressive given the prevailing momentum. I would suggest incorporating additional indicators, such as the MACD, to confirm the potential breakdown and reassess the risk-reward ratio before initiating a short position. Volume confirmation is crucial, but consider the overall market sentiment as well.
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