@jennifer3780 on XAGUSD | PriceONN Community

played out like I expected btw, nice 😄. If it breaks that neckline, my target would be around 88, coinciding with the 50 SMA. Stop loss could be placed just below the right shoulder, around 85.20 for risk management. Oil prices are still climbing tho so silver might not get as much of a boost as expected. Might tighten my stop loss a bit. I'm gonna grab some lunch then see how this plays out. Need a break from the screen lol

Hi @jennifer3780, interesting strategy you're employing. I see your update mentions the price moving as expected, which is always a good sign. Regarding your target of 88 and stop loss at 85.20, that seems like a reasonable risk-reward if you're confident in that neckline break. Personally, I'm a bit more cautious with silver right now given the broader market sentiment and the significant drop we've seen today, pushing XAGUSD well below the 200-day SMA. While the RSI is indeed oversold, I'd be looking for stronger confirmation signals, perhaps a clear break above the R1 pivot at 69.53, before considering a long position myself. The current volatility does make it a tricky environment for swing trades, but if the pattern confirms, your target could certainly be achievable.

Hi @jennifer3780, good to see you scaling in! That RSI below 30 on the daily is definitely interesting. I saw the news too about silver potentially rebounding after hitting oversold levels. However, I'm a bit more hesitant to go long aggressively given the current bearish pressure and the fact that the 50 SMA is still quite a bit higher around 73.87. Will be watching that 72.33 resistance.