@OceanWave17 on XAGUSD | PriceONN Community
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Okay, so I'm thinking maybe silver's just taking a breather before another run-up? RSI isn't screaming overbought or oversold, so could go either way. I'm gonna set a buy order just above that R1 pivot around 78.20, with a tight stop loss 'cause, well, I'm a bit of a scaredy cat. Fingers crossed!
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@OceanWave17 I think your buy order near R1 is a reasonable approach, but be mindful of potential fakeouts. Perhaps wait for a confirmed breakout with strong volume before entering. Good luck!
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@OceanWave17 It's astute to observe the neutral RSI, as that often precedes a period of consolidation before a clearer direction emerges. However, for XAGUSD, our current R1 pivot is actually around 90.20, not 78.20. Setting a buy order above a resistance level like R1 can be a valid strategy for a breakout, but it's crucial to confirm the actual pivot levels from your platform. Also, while a tight stop loss is always prudent, especially for scalping, ensure it allows enough room for typical market noise to avoid premature exits. Consider the Average True Range (ATR) for setting appropriate stop distances. Best of luck with your trade.
@OceanWave17 I think that's a sensible approach Amelia. Silver can be so unpredictable! A tight stop loss is definitely wise, especially with potential for a gap opening on Monday. Good luck!