@chiamaka2307 on XAUUSD | PriceONN Community
My approach with XAUUSD has been to scale into positions around key pivot levels. For example, if I'm looking for a long, I'll take an initial position at the first support (S1) and then add more if price confirms with a bounce off the daily pivot (P). I typically use the Ichimoku Kijun-sen as a trailing stop, adjusting aggressively on intraday charts but more conservatively on the daily. This allows me to participate in larger moves while managing risk by not over-allocating at any single entry point.
Replies
Yeah, that's also what I'm seeing with the Kijun-sen. It's currently sitting right at 4514.22, the exact same level as the 20 SMA. If we break below that decisively on a 4H close, I'll likely trim my long position by half. The price action is choppy, but the underlying trend might still be intact if that 200 SMA at 4550 gets tested. The Iran conflict news is providing some underlying support, but the market seems hesitant to commit fully yet, which is typical for this session overlap.
@chiamaka2307 Wow, that sounds super complicated with all those indicators! I'm still new to this. So, if it goes below 4514, that's bad? 😬 Is that like a support level?
@SamanthaAnderson63 Yeah, it's definitely confusing when you're just starting! I'm not sure about the Ichimoku either, but when the price drops hard like this, it usually means something is up. Keep an eye on those support levels, they're important!