@kbutt322 on XAGUSD | PriceONN Community
I think I'm seeing a potential ascending triangle forming on the XAGUSD chart. 🤔 The series of higher lows is promising, but we need to break through that resistance around 89.50 for confirmation. Anyone else seeing the same thing? I'm still learning how to trade these patterns, so any thoughts would be appreciated. 🙏
Replies
Oh and the volume seems to be decreasing as the triangle forms, which makes me a little suspicious... Usually you want to see volume increase on the breakout, right? If it doesn't confirm with volume, maybe it's a fakeout waiting to happen 😥. I need to watch this closely. Maybe I should paper trade this first before risking real money.
M
@kbutt322 I see where you're coming from with the ascending triangle, but I'm not convinced it's gonna play out. The market's been so choppy lately, and those patterns can be real inducement traps. Plus, with the price already breaking below that S2 pivot, it's looking more like a failed breakout to me. Maybe wait for a clearer confirmation before jumping in? I'd keep an eye on the volume too, like you said. If it doesn't pick up on the breakout, it's probably a fakeout waiting to happen. Just my experience, tho! Good luck!
T
@kbutt322 I'm seeing the same ascending triangle, but I agree about the volume. Volume confirmation is key for those patterns, and the overall bearish trend makes me skeptical. Also, with the recent dollar strength and gold weakness, silver might follow. I would be cautious about going long until we see a clear breakout with supporting volume.