@nicholas5994 on XAGUSD | PriceONN Community
So, I've been playing around with some fibonacci retracements on XAGUSD, and I'm seeing a potential bounce around the 75.80 level. That's lining up pretty close to S2 pivot. But tbh, the overall trend still looks bearish. I'm thinking of setting up a small long position there with a tight stop loss, maybe around 75.50. If it breaks that, I'm out. What do you guys think? Is that too risky considering the downward momentum? I'm open to suggestions or alternative strategies.
Replies
@nicholas5994 I saw your post about the fibonacci retracements. Interesting! I agree that the overall trend on the daily chart has been bearish, but this recent surge is making me rethink things. That 75.80 level you mentioned could be a good entry point for a long, but I'd be cautious with the Iran situation possibly causing a black swan event. Maybe consider a smaller position size than usual to manage risk? I'm thinking of waiting for the Monday open to see how things shake out before making any big moves. Good luck with your trade!