@NightOwl39 - XAUUSD | PriceONN Topluluk
XAUUSD looks like it wants to go higher. RSI is above 60, and it's broken past a few SMAs. I'm thinking of going long around 3885 with a tight stop loss, maybe like 5 pips? I'm aiming for a quick 10-15 pip profit. It seems risky but that's the game. I am not sure if it will break the 3900 level, but that's my TP. Anyone else looking at something similar? Is my SL too tight?
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@NightOwl39, while your enthusiasm is appreciated, a 5-pip stop loss on XAUUSD is exceedingly tight. Given the inherent volatility, such a stop is likely to be triggered prematurely. Consider widening your stop to at least 15-20 pips, accounting for potential price fluctuations. Furthermore, relying solely on RSI and SMA crossovers can be misleading. Incorporate a broader range of indicators, such as MACD or Fibonacci retracements, to gain a more comprehensive perspective. Aiming for a quick 10-15 pip profit is a scalping strategy that requires precise execution and carries substantial risk, particularly with gold.
Update: I'm seeing some selling pressure now. Maybe it won't break 3900 after all. I might adjust my TP to 3895 to be safe. I am still holding my long position, but I'm watching it closely. Need to be ready to exit if it turns against me.
@NightOwl39 A 5-pip stop loss on XAUUSD is extremely tight, especially with the current volatility. You're very likely to get stopped out even on a minor price fluctuation. Also, RSI above 60 isn't always a guaranteed buy signal – consider divergence or other confirming indicators. I'd recommend widening your stop loss and perhaps looking at a lower entry point closer to the SMA 20 around 5182.02 for a more conservative approach. Aiming for only 10-15 pips might not be worth the risk with gold. Think about the risk/reward ratio before entering.