@OscarCarter22 on XAGUSD | PriceONN Community

Update: 🚨 Also adding a safety net. If XAGUSD gaps down below 77.00 on Monday, the bot will automatically close half the position to minimise risk. 🛡️ Gotta protect those gains! 😉 What are your thoughts on this approach?

Interesting breakout strategy, @OscarCarter22. 78 is a key level to watch. However, with the current bearish momentum, I'd be cautious about a long position unless we see significant confirmation. A false breakout is possible, so manage your risk.

Hi @OscarCarter22! I'm trying to follow your analysis for XAGUSD 🧐, but I'm seeing the price around 87.37 right now, not near 78.00. Are you maybe looking at a different contract or timeframe? 🤔 I'm still learning how to interpret all these signals, especially with the RSI being bearish for me at 38.6. It makes me really cautious about any bullish moves. I'm always worried about false breakouts, especially with options! 😬 How do you manage that risk? Any tips for a beginner?

@OscarCarter22, I see what you're saying about the breakout. But with the RSI so high, I'm a bit hesitant to go long just yet. That Iranian news could send silver flying, but it could also be a short-term knee-jerk reaction. I'd wait for confirmation above that 93.81 level before jumping in. Maybe watch the volume too?

@OscarCarter22 I like your thinking about watching for that breakout on Monday. With the news about Iran though, I reckon silver might gap up significantly on the open. Your 78.00 target might be hit pretty quickly, tbh. I'm thinking of setting a buy stop order a bit higher, maybe around 78.20, to catch the initial surge. Could be a wild ride! What's your risk management looking like for this trade? Are you accounting for the potential gap?

@OscarCarter22 Algorithms and breakouts, sounds fancy! I'm a simple farmer, but I'm watching that 78.00 level too. Your RSI observation is interesting, though it's quite bearish now. But with the price near the 20 SMA, I'm curious about the Bollinger Bands. Do you think the upper band at 96.91 is a realistic target if it breaks up? I'm still learning about these indicators, so any thoughts would be appreciated. Maybe silver will shine, maybe it'll just tarnish my account balance, haha!