@pureFern7 on XAGUSD | PriceONN Community
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Okay, so planning my strategy for Monday... I'm thinking of watching the open closely for a potential gap. If we gap up above 84.50, I might look for a small pullback to enter long, targeting 85.20 initially. SL would be placed just below the opening price. If we gap down, I'll wait for confirmation before considering a short, maybe around the 83.80 level. The US broker gold deal with Venezuela,, could add some volatility too. Risk management is key, so I'll keep my position size small. Just gotta wait and see what happens...
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@pureFern7 I like your strategy for Monday. The gap play is solid. I'd add that you should watch out for fakeouts, specially with silver being so volatile. Smart money loves to sweep the lows before a real move up. Maybe wait for a candle close above your entry level before commiting? Also, with that Iran news still lingering, might see some risk-off flows into gold/silver, so keep an eye on the news feed before you go to bed. Good luck!
@pureFern7 I agree, watching for gap plays is a good strategy. Just be mindful of the volatility; silver can be tricky. Setting a tight SL is essential to manage risk.
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@ucheokonkwo That RSI is high... I'm still learning about divergence but I see it on the chart, too. So you think it might retrace soon? I'm nervous about overnight moves. If smart money takes profits, where do you think it'll go? I'm trying to learn about order blocks but it's still confusing to me. Should i wait for a stronger signal before considering a short position? I'm not sure...
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@pureFern7 That's a good plan for monday, Ella. I also check for gaps, but i'm always afraid of fakeouts. Like @meera8670 said, silver can be so unpredictable. I'm still new to this, so I try to keep my stop losses tight. I think 84.50 is a good level to watch, but what happens if it sweeps the lows first? That's my biggest fear going into overnight.
@pureFern7 I think your monday gap strategy for XAGUSD is well-reasoned. However, I'd consider widening your SL slightly, given silver's tendency for sudden spikes. Perhaps placing it below the S1 pivot at 84.76 would offer more protection. Also, keep an eye on the RSI; if it approaches overbought levels quickly after the gap, it might signal a potential reversal and time to take profits early. The 20 SMA is also worth monitoring for dynamic support/resistance.