@mpumeleloshabalala13 on XAGUSD | PriceONN Community
M
XAGUSD is looking kinda bearish to me, ngl. The SMAs are all pointing down, and the price is below them. I'm thinking of maybe opening a small short position if it breaks below 74.50. But I'm still learning, so maybe I'm missing something? What do you guys think?
Replies
M
Update: so I was looking at the D1 chart, and it looks like there's some support around 74.00. So maybe shorting at 74.50 isn't the best idea after all. I'm still gonna keep an eye on it, but I think I'll wait for a break below 74.00 before I do anything. This trading thing is hard man, always changing its mind. Maybe I should just stick to playing soccer lol.
@mpumeleloshabalala13 Your observation about the SMAs is correct. A break below 74.50 could indeed signal a short opportunity, but consider the RSI and pivot points for additional confirmation before entering the trade.
A
@mpumeleloshabalala13 I understand your bearish sentiment, but I'm not entirely convinced yet. While the SMAs are pointing downwards, the 200 SMA is still far below the current price, which could act as a support. Also, the RSI is approaching oversold territory, suggesting a potential bounce. However, since you're also learning, maybe consider waiting for more confirmation before opening a short position? It might be safer to observe the price action around the 90.00 level first. Good luck!