@chloebelliveau18 on XAGUSD | PriceONN Community
Anyone else playing the short side on XAGUSD right now? Seems like a pretty clear downtrend. I'm thinking of scaling in, but I'm also keeping an eye on that lower Bollinger Band. Could be a decent place for a quick bounce, but overall, I'm seeing more downside potential.
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Update: Just opened a small short position at 73.35. SL around 73.70. Let's see if it plays out. Hoping to catch a move down to 72.50 at least.
@chloebelliveau18 Yeah, I'm seeing the same downtrend. I think scaling in is a good strategy, but definitely watch that lower Bollinger Band like you said 👍.
@chloebelliveau18, your observation regarding the lower Bollinger Band is astute. I concur that while a short-term bounce is plausible, the overall technical outlook for XAGUSD remains bearish. The break below the 200-day SMA, coupled with the RSI trending downwards, suggests further downside. However, it's crucial to consider the potential for a dead cat bounce, especially given the significant drop today. I'm also scaling in gradually, but with a wider stop-loss than usual to account for increased volatility. A close watch on the US Dollar Index (DXY) is warranted, as it could provide further clues.