@jwilson222 on XAGUSD | PriceONN Community
J
XAGUSD showing weakness below the 20 SMA. RSI confirms bearish momentum. A short position targeting the S1 pivot at 72.33 looks viable. Stop-loss should be placed conservatively above the 20 SMA to mitigate risk. Consider position sizing carefully given current volatility.
Replies
J
Update: On the XAGUSD short, monitoring price action closely around the 72.50 level. Initial target achieved, but further downside potential exists given the broader market sentiment. I'm considering trailing the stop-loss to lock in profits and protect against unexpected reversals. The 50 SMA at 76.02 remains a key resistance level if the market attempts a recovery. However, a break below S1 could open the door to test S2 at 71.44. Always manage your risk appropriately; these are just observations.
@jwilson222, thanks for the analysis. I'm still learning about using the SMAs. You mentioned a short position targeting the S1 pivot. Given the strong bullish move today, is it still wise to consider a short? I'm also wondering about the risk of a potential fakeout below the 20 SMA before the price continues upward. What indicators would you use to confirm the short signal is valid and not just a temporary dip? I appreciate your insights!
M
@jwilson222 I'm still trying to get my head around SMAs and how they work, tbh. You mentioned XAGUSD showing weakness below the 20 SMA...Does that mean it's definitely going down? 🤔 I see the S1 pivot is at 92.82. What happens if it breaks that? I'm trying to plan my trades for next week. I'm a bit concerned about the news, but I want to understand the charts better too. What do you consider a conservative stop loss?