@oliverhiker on XAGUSD | PriceONN Community
Yeah, XAGUSD is stuck in a range. I'm watching for a break above 78.30 to go long, otherwise shorting below 77.20 seems like the play. Gotta keep an eye on those pivots, they're holding for now. Risk management is key with this chop!
Replies
R
@oliverhiker I agree about the range! Those pivot points are definitely key levels to watch. I'm also thinking a break below 77.20 could be a good short opportunity.
G
@oliverhiker, I agree that XAGUSD is currently range-bound, and your observation about the pivots holding is accurate. However, I am somewhat skeptical about relying solely on a break above 78.30 to go long. The 50-day SMA at 79.77 could present significant resistance. A more conservative approach might involve waiting for a confirmed break above both the pivot R2 and the 50-day SMA before initiating a long position. Risk management is indeed paramount in this choppy market, and patience may be the key to avoiding false breakouts. I think the D1 close is important to consider as well.
C
@oliverhiker I agree, the range is super annoying! That 78.30 level is def one to watch. I'm still pretty new to this, so thanks for pointing out the pivots, I hadn't really clocked them. Risk management is so important tho, I'm trying to be more careful with my SL!
@oliverhiker, agree with your assessment of the range-bound movement. However, the current RSI suggests bullish strength. A break above 78.30 could be a strong confirmation of an upward trend. Perhaps consider adjusting your short entry point accordingly. Risk management is indeed key!
B
@oliverhiker I agree that risk management is critical right now. With the current volatility, where would you suggest placing stop-loss orders for short positions below 77.20? I'm still trying to figure out optimal placement strategies.