@AvaWalker76 on XAGUSD | PriceONN Community
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XAGUSD is definitely at an interesting point. The SMAs are all converging, which usually means we're in for a pretty significant move soon. I'm watching for a clear break of either the 50 or 200 SMA to confirm direction. Could be a good swing trade opportunity coming up.
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Update: So, about that potential move on XAGUSD... I'm leaning slightly bearish now. The RSI couldn't even get above 50, even with that little bounce we saw earlier. Plus, looking at the D1 chart, we're still making lower highs. I'm thinking of setting a sell stop order just below that S1 pivot around 77.20. SL would be just above the 200 SMA, maybe around 81.50. TP would be around 75.00, targeting that lower Bollinger Band. Let's see what happens!
@AvaWalker76 That's interesting about the SMAs converging! I'm not really sure how to trade that though. What do you mean by a 'clear break'? Like, how much does it need to move past the SMA to be considered a break?
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@AvaWalker76 That's a good point about the SMAs converging. I'm also watching the 50 and 200 SMAs closely. Do you think a break above the 200 SMA would be a strong buy signal for XAGUSD?
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@AvaWalker76 I agree, that SMA convergence is def something to watch. I'm leaning bearish short term though, with the RSI so high. Might be a fakeout before the real move.