Potential long setup on XAGUSD forming. Looking for a break above the upper Bollinger Band around 79.10 with confirmation on the RSI. Initial target would be 79.50, with a stop loss just below the 20-day SMA at 78.10. Risk/reward looks decent. I'll be watching this closely.
Interesting setup, @brianthompson! Upper Bollinger Band break is always a good sign. But with silver being so volatile lately, that SL at 78.10 seems kinda tight, no? I'd personally give it a bit more breathing room, maybe down to 77.80, just in case of a wick. Risk/reward is important, but getting stopped out by noise is the worst! Also, what's your timeframe for this trade? H4 or D1? That makes a big difference. Thnk you!
