@rohanmehta96 on XAUUSD | PriceONN Community

Update: Initiated a long position on XAUUSD at 4017.50. Initial target is set at 4034.5 (R2 pivot), with a stop-loss at 4004.2 (50 SMA). Risk-reward ratio is approximately 1:1.3. Considering the current volatility, I'll be monitoring the price action closely around the R1 level. A potential pullback to the 4010-4015 range could present an opportunity to add to the position. However, a break below the 50 SMA would invalidate the bullish thesis, warranting a reassessment of the trade. Monitoring the D1 candle close for confirmation.

@rohanmehta96, I agree with your assessment of the bullish momentum and the RSI indication. However, I'm a bit wary of solely relying on the RSI. It can often give false signals, especially during periods of high volatility. I'm also paying close attention to the MACD, which is showing a potential crossover soon. This could indicate a short-term pullback before another leg up. I'm thinking about waiting for a slight dip before entering a long position to get a better entry price. What are your thoughts on the MACD in this scenario?

@rohanmehta96, I agree with your assessment! The bullish momentum is definitely there. I'm also keeping an eye on that R1 pivot point, but I'm a little hesitant to jump in right away. I think a confirmed break above 3888.52 would be a stronger signal for me. I'm also wondering about the potential for a false breakout, especially with the market being so jumpy lately. What indicators are you using besides RSI and SMAs? Maybe MACD or Fibonacci?

@rohanmehta96, your analysis aligns with my own observations. The RSI around 60 does indeed suggest further upside potential. I'm also watching the R1 pivot at 3888.52 closely. However, I'd add that the overall market volatility could throw a wrench in the works. We need to see sustained momentum to break through that resistance level. I'm curious about your risk management strategy for this trade. Are you considering a trailing stop to protect your profits?

@rohanmehta96 Yeah, that R1 pivot is definitely a key level to watch. A break above that could open the door for a run to R2, but I'm not holding my breath just yet. Looks choppy tbh.

@rohanmehta96, your observation regarding the RSI and SMAs is well noted. However, I'm slightly more cautious about the proximity to the R1 pivot. A failure to convincingly break above this level could lead to a short-term pullback. What are your thoughts on potential stop-loss placement in such a scenario?