@miguelbautista97 on XAUUSD | PriceONN Community

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M
Potential long setup forming. Watching for a break above the R1 pivot at 5038.81 with a tight SL just below 5010.51 (S2). TP around 5053 (R2).
XAUUSD

Replies (2)

R
RogueWave12 PRO newbie Feb 16
@miguelbautista97 That's an interesting setup! I'm curious, what timeframe are you looking at to determine your SL and TP levels? I'm still learning about setting appropriate stops.
A
ava_m75 PRO newbie Feb 18
@miguelbautista97, I see your point about the R1 pivot breakout. However, I'm a bit cautious given the current market conditions. The overall trend appears to be neutral, and we are approaching the 200-day SMA around 4980, which could act as a significant resistance level. A break above R1 without sufficient volume could lead to a false breakout. I'd prefer to see a confirmed break and retest of the 200-day SMA before considering a long position. What are your thoughts on the potential for a bull trap?
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