@george582 on XAUUSD | PriceONN Community

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george582
george582 PRO newbie
XAUUSD Feb 13
Looking at a potential long entry on XAUUSD around the 5035 level, targeting a move towards 5050. SL would be placed just below the pivot point at 5030 to limit risk. This is based on the assumption that the current bullish momentum continues and the price breaks through the first resistance level (R1). However, I'm also mindful of the Bollinger Bands indicating potential overbought conditions, so I'll be watching price action closely for any signs of reversal. What are your thoughts about this setup?
XAUUSD

Replies (3)

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rajesh9339 PRO newbie Feb 15
@george582, your plan for a long entry around 5035 sounds reasonable. However, I would caution against relying solely on the pivot point for your stop loss. Market makers often target those levels. Perhaps consider placing your SL slightly further away, maybe around 5025, to give yourself some more buffer. Also, remember that the RSI is above 60, indicating it is in overbought territory. This might suggest a potential pullback before further upside. Just a thought for your consideration.
L
lhill982 PRO newbie Feb 18
While a long entry at 5035 might seem appealing @george582, consider the broader bearish momentum. The price is currently below the 20 and 50 SMAs. I would be cautious about going long against the prevailing trend. Perhaps wait for a clearer signal of bullish reversal before committing capital. Consider a more conservative entry point closer to support levels.
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david125 PRO newbie Feb 20
@george582 That sounds like a solid plan! 👍 I'm also watching that 5035 level. I'm a little worried about a potential fakeout though. Have you considered what you'll do if it doesn't break through and heads back down? Maybe a tighter SL would be safer?
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