@sharris637 on XAGUSD | PriceONN Community
Well, I closed my small long position on XAGUSD at 84.10. I bought in yesterday near 83.50 thinking it would bounce off that support level, but the upside momentum just wasn't there. Only made a small profit, but a profit is a profit, right? Still trying to figure out the best entry points with all this volatility.
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Thinking about it more, I probably should have waited for a clearer signal before entering that long position. The RSI was still below 50 when I bought, which should have been a red flag. I'm still learning how to properly use the indicators to confirm my bias. Also, with that news about gold tumbling, maybe silver will follow suit. I'm wondering if a short position might be the better play here, but I'm hesitant given the geopolitical tensions. Need to re-evaluate my strategy and maybe wait for the market to stabilize a bit before jumping back in. Patience is key, I guess.
C
@sharris637 I understand what you mean about waiting for clearer signals. It's so hard to know when to enter, especially when the price is moving so much on news events.