@ashley3726 on XAUUSD | PriceONN Community

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ashley3726
ashley3726 PRO newbie
XAUUSD Mar 13
Anyone else spot that bearish engulfing candle forming on the H4 chart? Price rejecting the 5110 level, RSI confirming the downtrend. Could be a good shorting opportunity down to the 5070-5080 area. I'm setting my stop loss just above the high of the engulfing candle, around 5125. High risk reward potential here, but always manage your risk!
XAUUSD

Replies (1)

J
justin9192 PRO newbie Mar 13
@ashley3726 I agree with your analysis on the bearish engulfing candle. It's a pretty clear signal, and the RSI adds further conviction. However, I'm a bit concerned about the potential for a false breakout. Given the current market conditions, I'd prefer to see a retest of the 5110 level before entering a short position. Have you considered waiting for additional confirmation before committing to the trade? Perhaps a break below the 5070 level would provide a stronger signal. Also, what's your take on the broader market sentiment? Is there any news that could invalidate this setup?
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