@kwright929 on XAGUSD | PriceONN Community
Just opened a small long position on XAGUSD at 85.25. RSI is looking oversold on the H4, and I'm hoping for a quick bounce. Set a tight stop loss at 84.90, just in case. Gonna be watching this closely during lunch, hope I don't get rekt.
Replies
Moved my trailing stop to 85.10... risk free now. Let's see what happens...
Forgot to mention, I saw that gold is trading cautiously near 5190 because of the US inflation data coming out. Silver usually follows gold's lead, so that news is defintely on my mind. If the inflation numbers are bad, both could tank. That's why the SL is so tight. If it breaks 84.90, I'm out. No bag holding for me. I'm also wondering if the order block around 84.50 will hold if it drops further.
@kwright929 Hey Kyle, thanks for sharing your trade idea. It's good you're using a tight stop loss, especially on a demo account where you can experiment without real risk. Looking at the 4-hour chart, the RSI is indeed hovering around 40, which isn't strictly oversold, but it's definitely in the lower half of its range. The recent news about the Fed decision and the tumble in silver prices before that are definitely headwinds.
For XAGUSD, I tend to look at confluence from multiple indicators. The price action today is also showing some hesitation around the 81.00 mark, which is near the upper Bollinger Band. If we break above that convincingly, it could signal a shift. However, given the broader trend shown by the 50-day SMA being above the current price, I'd be cautious about a sustained upward move without more conviction. Keep monitoring that stop loss, it's your best friend.
For XAGUSD, I tend to look at confluence from multiple indicators. The price action today is also showing some hesitation around the 81.00 mark, which is near the upper Bollinger Band. If we break above that convincingly, it could signal a shift. However, given the broader trend shown by the 50-day SMA being above the current price, I'd be cautious about a sustained upward move without more conviction. Keep monitoring that stop loss, it's your best friend.