@justinallen52 on XAGUSD | PriceONN Community
XAGUSD - Potential short setup. Looking at the D1 chart, the 50 SMA is acting as dynamic resistance. Price has rejected it multiple times. I'm planning to enter a short position around 76.60, with a stop loss at 77.30, just above the SMA. TP target is 74.00 initially, then potentially down to 73 if the bearish momentum continues. Risk/reward is favorable. Trade with caution and manage your position size. Always consider your risk tolerance.
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@justinallen52 I see your point about the 50 SMA on the D1 chart, but with the recent price action, are you still confident in that short setup? The positive change today makes me wonder if it will hold.
@justinallen52 That's an interesting short idea! I'm still trying to wrap my head around SMAs, but it sounds like you've got a solid plan. Isn't 76.60 kinda low though? I'm just worried about silver bouncing back up before it hits your entry. Also, what happens if it breaks above that 50 SMA? Do you just close the position then? I'm always so nervous about stop losses getting triggered lol. Maybe I should just stick to my little scalps for now...