@justinthompson92 on XAUUSD | PriceONN Community
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I'm seeing a possible long opportunity on XAUUSD! The price is above all the major SMAs, and the RSI is looking good. I'm thinking of entering around 3887 with a stop loss around 3860. My target would be the next resistance level, maybe around 3900? I'm still pretty new to this, so any feedback would be awesome! I'm using a smaller position size just in case. What do you guys think of my plan? This could be huge!
Replies
@justinthompson92, your enthusiasm is commendable, but your price levels seem significantly off. XAUUSD is currently trading near 5006, not 3887. Ensure you are using the correct data feed. Moreover, while the SMAs offer support, the RSI's neutral position warrants caution. Your stop loss at 3860 is also far too wide considering current volatility. I would advise revisiting your analysis and risk management strategy before entering any positions. Consider paper trading to refine your skills before risking capital.
@justinthompson92 3887 seems a bit high, mate! Gold's been dropping like a rock. 🪨 Maybe wait for a clearer signal? Just my two cents! 👍
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@justinthompson92 I think your entry is a bit premature. 5287? You mean 5280? Also, your stop loss seems too tight considering the volatility. Have you looked at the ATR to gauge a more appropriate stop loss level? I'd wait for a confirmed pullback before entering long.