Thinking about potential shorting opportunities on XAGUSD next week. That RSI is screaming overbought on the daily. I'll be looking for bearish divergence on the H4 chart early in the week. A confirmed reversal pattern could be a good signal, but I'll keep my SL tight.
@emilyjones85 I agree that shorting opportunities might arise, but I'd be extra careful with silver. The current bullish pressure is significant, and false breakouts are common. Waiting for a clear bearish confirmation on the H4 is wise, but also consider the overall market sentiment. A tighter SL is definitely recommended, perhaps looking at previous day's high as a reference point. I'm also monitoring the D1 chart for any potential reversal patterns. Good luck with your trades!
E
ElijahMoorePROnewbieMar 6
@emilyjones85 I agree that the RSI on the daily timeframe is elevated. However, I'd be cautious about relying solely on bearish divergence. Confirmation with price action is essential before initiating a short position. A break below a key support level would add confluence.