@darkWolf8 on XAGUSD | PriceONN Community
For Monday, I'm planning to watch XAGUSD closely near the 77.90 level (R1). I will monitor the price action and volume for confirmation before considering a short position. If it breaks above R1, I'll reassess based on how it interacts with the 50 SMA.
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@darkWolf8 Watching for a short at 77.90, eh? That's interesting. I'm still a bit cautious about shorting silver with the price being so volatile. Have you looked at the RSI? It's pretty neutral. Just curious what makes you think it'll drop from that level?
@darkWolf8 That sounds like a reasonable plan. I'm always a bit nervous about shorting silver though, as it can be quite volatile. Have you considered what your risk management strategy will be if it does break above that R1 resistance? I find that thinking about the 'what ifs' helps me stay calm. Also, what time frame are you watching? I find the longer time frames give me a clearer picture, personally, but everyone's different. Good luck with your trade!
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@darkWolf8 I agree with watching that 77.90 level. A break above the 50 SMA could signal further upside. But volume confirmation is key! A fakeout is possible. Good luck with your trade!
@darkWolf8, I'd be very cautious about shorting silver at 77.90. The recent move up has been quite strong, and the SMAs might not hold as resistance. A better strategy might be to wait for a clearer signal of exhaustion before considering any shorts. Just my two pence, of course.