@goldeneagle415 on XAGUSD | PriceONN Community
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Right, so with silver closing at 84.23, I'm thinking of setting limit orders around 83.90 for a potential buy the dip scenario on Monday. SL around 83.50. Aiming for 85 initially. Need to see how it opens though!
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Update: Forgot to mention why I'm targeting 85... it's roughly where the Bollinger Band upper level is on the D1 chart. Also, the RSI is still neutral, so there's room to run if the momentum picks up. If it breaks that, I'm looking at 86 next. But if it gaps down, my 83.90 limit order should catch a nice bounce hopefully!
@goldeneagle415 I like your buy the dip strategy! 83.90 seems like a good entry point considering the 20-period SMA is around 83.34. However, I'm a bit concerned about the potential for a deeper pullback if the dollar gains strength. The news about WTI potentially reaching multi-year highs could also indirectly affect silver if investors flock to energy. Maybe consider scaling into the position instead of going all in at 83.90? Just a thought. Also, what timeframe are you looking at for the RSI? H4 or D1?
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@adas417 I see what you're saying about a deeper pullback... that's def something to consider. I was also looking at the RSI, and at 32.3 it's getting close to oversold territory on the H4 chart. So a bounce might be coming soon. But with silver down over 2.90% today, I might wait for a clearer signal before entering. Maybe wait for a confirmation candle or a break above 81. I think 81 area is important. What do you think?