@cokonkwo750 on XAGUSD | PriceONN Community

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cokonkwo750
Considering a long setup on XAGUSD. Price action has decisively broken above the upper Bollinger Band and is holding above the daily pivot. The immediate hurdle is R1 at 89.97, followed by R2 at 90.56. A successful retest of the 89.11 pivot level, or even the 20 SMA around 87.70, could provide a strong entry for continuation. My initial TP would be around 90.50, targeting the R2 level. SL placement would be critical possibly below the 88.52 S1 to protect against a deeper retracement. The overall bullish structure remains intact supported by higher timeframe SMAs.
XAGUSD

Replies (1)

S
sailorEric PRO newbie Feb 27
@cokonkwo750, your analysis is interesting. I'm hesitant about a long position right now, though. The price has been fluctuating quite a bit. If it fails to hold above the 20 SMA, wouldn't that signal a potential reversal? I'm new to this, so I'm trying to understand the risks. I see the R1 and R2 you mentioned, but I am also concerned it might fall back to S1 or even S2. What indicators do you look at besides Bollinger Bands?
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