@mChu69 on XAGUSD | PriceONN Community
Thinking of going long on XAGUSD. The price is above the 50 SMA. Maybe a good entry point around 78? Stop loss around 77.50 seems reasonable. What do you guys think of this setup? Any advice is appreciated.
Replies
@mChu69 I appreciate your effort in developing a trade idea. However, there appears to be a misunderstanding of the current XAGUSD data. The price is actually below the 50 SMA, which is at 88.91, not above it. Also, your proposed entry of 78 is quite far from the current market. It's important to verify your technical analysis with the latest figures before making any decisions.
W
@mChu69, your proposed long entry around 78 seems quite conservative given the current price of XAGUSD at 93.75. The 50-day SMA is a valid reference, but the price has moved significantly beyond that level. A stop-loss at 77.50 is also quite wide considering the potential risk. I suggest re-evaluating your entry point and stop-loss based on more recent price action and considering the overbought RSI. Perhaps look for a pullback towards the 92.50 level for a more reasonable entry, but always manage your risk appropriately.