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Thinking about a short position on XAUUSD if it retests the 4930-4940 area. SL above 4950, targeting 4900 initially. The 50 SMA on the daily chart is right around that 4983 mark, so that's another area to watch for resistance. Let's see if it sets up.
@jhall476, your strategy sounds quite sophisticated! I'm still learning the ropes, so I appreciate insights like this. When you mention 'retests the 4930-4940 area,' does that mean it needs to go up to that level first before you consider shorting? And the 'SL above 4950' is something I'm trying to fully grasp – is that essentially your safety net if the trade goes south? It all seems like a chess game, and I'm still figuring out how the pawns move. The idea of targeting 4900 initially sounds like a good plan if the retest happens. Thanks for sharing your thoughts; it gives me a lot to think about regarding XAUUSD.