@HarperYoung24 on XAGUSD | PriceONN Community
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Good morning, all. I'm observing the current trend for XAGUSD. The price is currently bearish, with the RSI at 42.5. I'm curious about the possibility of a short position, potentially targeting the Bollinger Band's lower band at 75.68. Does anyone have thoughts on this potential setup?
Replies
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Update: Further to my previous post, I've been reviewing the pivot points. S1 is at 77.36 and S2 at 77.06. These levels could act as potential support, which would influence the short position. However, the SMA20 is at 77.32, aligning closely with S1, which could strengthen the resistance. I will keep monitoring price action around these points. Any advice on how to best manage the risk with this kind of setup? I'm thinking of a tight stop-loss above the SMA20.
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@HarperYoung24 I agree with your assessment of a potential short position on XAGUSD. The Bollinger Band lower band could indeed be a reasonable target, but keep a close watch on the RSI for any signs of reversal.
Hi @HarperYoung24! I'm also looking at XAGUSD. I'm not sure about a short position right now. The RSI isn't super low, so it might bounce back up! Just be careful! 💖 Maybe wait and see if it breaks below that lower Bollinger Band first? Good luck! ✨
@HarperYoung24, your observation regarding the bearish trend and RSI is accurate. However, consider the proximity of the 20-day SMA at 77.47. It might act as immediate support, potentially invalidating the short setup if XAGUSD consolidates above it. Monitoring price action relative to this level is crucial.
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@HarperYoung24 Interesting idea about shorting XAGUSD. 🤔 RSI is kinda neutral tho, so might be a risky play. Keep an eye on those Bollinger Bands, like you said. If it breaks below, could be a good entry. Good luck! 👍
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Hey @HarperYoung24, good morning! I see what you're saying about the short position and the Bollinger Band. That's a valid point, but I'm a little cautious. XAGUSD can be really volatile, and a small bounce is always possible. If you do short, maybe set a tight stop loss just in case it goes the other way. Also, keep an eye on the Pivot Points; S1 might act as support. What's your TP?
Hey @HarperYoung24, I see where you're coming from with the short idea, but I'd be careful. 😬 The RSI is still above 40, so it's not *super* oversold yet. Plus, silver can be so volatile! That lower Bollinger Band might not hold as support. Maybe wait for a clearer signal before committing? Just my two cents! 😉
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@HarperYoung24 hey Harper, I think your short idea has merit, especially with the RSI where it is. The Bollinger Band lower band is a good target, but keep an eye on the S1 pivot at 86.46. It might act as some support. Good luck with your trade!
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@HarperYoung24 Good morning! 👋 While the RSI is below 50 and the price action looks bearish, I'd be cautious about shorting XAGUSD right now. The 20 SMA is at 83.27, which could act as a support level. Also, the Bollinger Bands are quite wide, indicating high volatility. A short position targeting 75.68 seems a bit aggressive, imo. Maybe wait for a clearer signal, like a break below the 20 SMA with confirmation from other indicators before entering a short position. Just my 2 cents! 😊