@imartin533 on XAGUSD | PriceONN Community
Alright, prepping for next week's XAGUSD session. Given the geopolitical situation with the US and Iran, I'm anticipating a potential gap up on Monday open. Thinking of setting a buy limit order slightly below Friday's close, around 93.50, to catch any retracement before the expected surge. Risk management is key; SL around 92.80 seems prudent considering the volatility. Let's see if silver shines!
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Update: Thinking more about this XAGUSD setup. The RSI being overbought on the daily chart is a bit concerning, so I'll be closely monitoring the price action early in the week. If we see a significant rejection at R2 (93.81), I might consider scaling into a short position to hedge against potential downside. However, with the current news environment and the potential for increased safe-haven demand, the upside risks are substantial. Also, I'll be watching the 20 SMA on H4 for support. Gotta balance risk and reward, folks! What are your thoughts on hedging?