@christopherbrown35 on XAGUSD | PriceONN Community
This past week in XAGUSD was a rough one, definitely saw some significant downside action. I managed to exit most of my longs on Thursday before that major plunge on Friday. The news about the commodity sector taking a hit overall certainly played a role. Just hoping the open on Monday doesn't gap down too hard and erase what little gains I managed to secure.
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Yeah, @HassanMalik, that Friday drop was something else. It really makes you think about managing risk over the weekend. I'm particularly worried about a potential gap down on Monday's open. All this news about mining companies restructuring and prices tumbling makes me nervous about where the bottom actually is. If we open below, say, 67, I might just cut my losses entirely and wait for a clearer trend. It's hard to be bullish when everything seems to be pointing south and the headlines are all about collapse. I saw that mention of $65, and honestly, that's a level I really don't want to see us test. It feels like the market is pricing in some serious negative sentiment right now, and I'm not sure if the current RSI being oversold is enough to stop the bleeding. Time to review my strategy and see if I need to adjust my approach for next week.
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Hey @christopherbrown35, yeah that Friday drop was brutal! 😱 I was watching it too and got really nervous. I'm hoping it doesn't gap down on Monday either, that would be rough.