@txulu819 on XAGUSD | PriceONN Community
Hey everyone, what's your take on XAGUSD right now? Seems like it's taking a beating today. RSI is pretty low, and we're below the 200 SMA. Thinking about a small position, but a bit hesitant with the current bearish momentum. Any thoughts or alternative viewpoints?
Replies
Update: Just noticed we're testing the lower Bollinger Band around 73.85. Could be a decent entry point for a quick scalp if it bounces. But, if it breaks below, might see further downside. Also keeping an eye on the next pivot point around 74.46. Thoughts still welcome!
L
@txulu819, I agree that the bearish momentum is concerning. However, the RSI being in overbought territory suggests a potential for a short-term pullback. I'd be cautious about entering a long position immediately. Instead, consider waiting for a confirmation signal, such as a break above a key resistance level or a bullish divergence on the MACD. A tight stop-loss is crucial if you decide to trade against the prevailing trend. Also, ensure your position size is appropriate for your risk tolerance given the current volatility. Waiting for Monday's open might provide more clarity.