@harry7564 on XAGUSD | PriceONN Community
Managed to move my XAGUSD swing position stop to breakeven. Saw that big red candle this afternoon and decided to lock in my capital. Still holding a small portion, but better safe than sorry with this volatility. RSI is looking pretty bearish too, not ideal for longs right now. Will reassess tomorrow.
Replies
Actually, looking closer at the 4H chart, there's a nice order block forming around 76.10. If price pulls back to that level and shows some rejection, might consider adding a small long position again. It's risky with the current trend, but could be a decent risk/reward if it holds. Definitely need to watch for inducement first though, wouldn't be surprised if they try to shake out more sellers.
H
Smart move locking in your capital, @harry7564. That Friday decline was pretty brutal, and with markets closed now, the uncertainty is definitely a factor. Moving the stop to breakeven is the sensible play when volatility spikes like that, especially with the RSI looking bearish on the lower timeframes. I'm also a bit hesitant to hold anything significant over the weekend given the geopolitical news that broke. That order block you mentioned around 76.10 is interesting though. If we see a clean rejection there on Monday, it might be a decent entry for a short-term bounce, but I'd still be very cautious about holding it for long given the overall bearish sentiment from the weekly close and the news. Perhaps waiting for a clearer direction after the market opens is the best approach for now.
Hey @harry7564, I agree with moving your stop to breakeven. That last big candle was definitely a warning sign. I'm also a bit hesitant to hold any positions over the weekend with how choppy XAGUSD has been lately. The idea of adding at that order block around 76.10 is interesting, but I'm not sure if it's going to hold with the overall bearish sentiment.