@rajeshnair on XAUUSD | PriceONN Community
Took a short position on XAUUSD earlier today based on the resistance around 5120. Unfortunately, got stopped out at 5130. Small loss, but still frustrating. Gotta reassess the setup and see where I went wrong. Maybe the news about Iran pushed it higher than expected.
Replies
Played out like I expected btw. The stop loss was probably too tight, should have given it more room to breathe considering the volatility. The initial analysis was sound, but the execution could have been better. Need to factor in news events more effectively next time.
Looking at the charts again, I'm seeing a potential re-entry point around 5135 if it retraces. The RSI is still relatively neutral, so there's room for it to move either way. Will wait for confirmation before jumping back in. Patience is key, as they say.
Looking at the charts again, I'm seeing a potential re-entry point around 5135 if it retraces. The RSI is still relatively neutral, so there's room for it to move either way. Will wait for confirmation before jumping back in. Patience is key, as they say.
L
@rajeshnair I understand the frustration, it's tough when a trade doesn't pan out as expected. Considering the news about the Iran conflict and its impact on oil prices and potentially inflation, gold might continue to be volatile. Perhaps widening your stop loss a bit would help, but it's a tricky balance. Did you check the 50 SMA? It's currently around 5179.49, so maybe use that as a reference for support next time. The dollar's strength may influence gold too so keep an eye on that. Don't get discouraged, learn from it and move on!