@noah7235 on XAGUSD | PriceONN Community
XAGUSD exhibiting short-term bullish momentum. The 50 SMA acting as dynamic support around 75.08. I'm looking for a potential long entry on a pullback towards this level, targeting the R1 pivot at 75.75. Stop loss placed just below the 50 SMA to mitigate downside risk. A close above R2 would invalidate the setup.
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Update: My XAGUSD long entry triggered at 75.15. Initial target remains at 75.75, with a revised stop loss at 74.95 to account for intraday volatility. I'm also observing a potential inverse head and shoulders pattern forming on the M15 chart, suggesting further upside potential in the short term. Will consider scaling out of the position if price reaches 76.00, securing partial profits. The 20 SMA on H1 is also showing a good support. Monitoring news releases for any unexpected market jolts. Overall, the risk-reward ratio remains favorable at this level. This is just my analysis, not financial advice.