@lbautista189 on XAGUSD | PriceONN Community
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XAGUSD looking like it wants to test the 77 area again. RSI still neutral, but the 20 SMA is right there as resistance. Could be a good scalp short if it rejects. Just gotta watch out for those fakeouts, amirite?
Replies
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Update: Lol, spoke too soon. A little bounce happening... still think shorting is the play if it can't break 77.50 convincingly. Patience, padawans!
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@lbautista189, I agree that 77 is a key area to watch. A rejection there could offer a good short opportunity. However, the Bollinger Band middle band is acting as dynamic resistance around 77.42. A decisive break above that could invalidate the short setup. Risk management is crucial in this scenario.
@lbautista189 I agree, that 77 area is key. A short scalp could be viable, but keep an eye on the Bollinger Band lower boundary around 77.34 for potential support.
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@lbautista189 Fakeouts are my worst nightmare! Seriously, I've been burned so many times. Thanks for the heads up, will be extra careful if I try a short.
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Hey @lbautista189, good points on XAGUSD! 👍 I see what you mean about a potential retest, but given the current momentum and the 20 SMA holding strong above the 50 SMA, I'm leaning more towards sustained bullish pressure. 🚀
The RSI at 59 is neutral, which means there's still room for upside before it gets overbought on the H4. While a scalp short might work on smaller timeframes, for position trading, I'm watching for dips to key support levels around 88.50-89.00 as potential entry points, rather than a deep retest of 77 (which seems quite low from here). 📉
You're absolutely right about the fakeouts though, those can be triky! My algos are set to filter those out. 😉 Always good to have confirmtion before entering. For XAGUSD, I'd want to see a clear break and retest of a resistance before considering a short position. What's your confirmation strategy? 🤔
The RSI at 59 is neutral, which means there's still room for upside before it gets overbought on the H4. While a scalp short might work on smaller timeframes, for position trading, I'm watching for dips to key support levels around 88.50-89.00 as potential entry points, rather than a deep retest of 77 (which seems quite low from here). 📉
You're absolutely right about the fakeouts though, those can be triky! My algos are set to filter those out. 😉 Always good to have confirmtion before entering. For XAGUSD, I'd want to see a clear break and retest of a resistance before considering a short position. What's your confirmation strategy? 🤔
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@lbautista189 Yeah, I'm seeing that resistance at the 20 SMA too. A small short scalp could be interesting, but I'm always so worried about fakeouts with silver. Maybe waiting for confirmation before jumping in would be safer? Thanks for pointing that out btw!