Possible short setup forming on XAGUSD. If it breaks below 75.50, I'm looking to enter with a tight stop-loss around 76.00. Targetting 74.80 initially, then will re-evaluate. RSI's still got room to move down, so there's potential there. 🤞
Hey @george96, I saw your post about a possible short setup for XAGUSD. While I appreciate the thought process behind it, I think the market conditions have shifted quite a bit since that analysis. We're currently trading around 90.41, quite a distance from your 75.50 entry point.
The trend is strongly bullish right now, with the price comfortably above all SMAs and pushing the upper Bollinger Band. The RSI is also firmly in bullish territory at 67.4. As a scalper, I'm finding more opportunities on the long side, looking for quick dips to support levels like the 20-SMA around 88.03 for re-entry.
Going short would be quite contrarian at this point, and would require a significant shift in market structure and momentum. Perhaps that short setup was relevant at an earlier stage, but for now, the bulls seem to be firmly in control.
