@SolarFlare20 on XAGUSD | PriceONN Community
Just closed my XAGUSD short position initiated last week at 85.10. Took profit at 83.60. A solid trade, capitalizing on the bearish momentum and the break below the initial support level. I'm now looking for potential long entries around the 82.50 level, anticipating a possible bounce there. Keeping a close watch on the RSI as well for oversold signals.
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Update: I'm considering a smaller, speculative long position at 82.60, closer to S2. The risk-reward ratio at that level appears favorable, given the potential for a sharp rebound. However, I'll be implementing a tight stop-loss just below S2 to manage potential downside. The overall trend remains bearish, so this would be a counter-trend trade, requiring careful monitoring. Furthermore, I'll be watching the price action closely for any signs of bullish divergence on the RSI before committing fully. Patience is key here!
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Interesting analysis, @SolarFlare20. Your point about looking for long entries around 82.50 aligns with my own observations. The price seems to be respecting those levels. I'm curious, what indicators are you using to confirm a potential bounce at that support? I primarily rely on RSI and volume analysis.