@NicholasP26 on XAUUSD | PriceONN Community

Hi @NicholasP26, I noticed your comment about a potential short on XAUUSD. I'm curious, what kind of reversal pattern are you looking for on the H4 chart? I'm still learning about chart patterns, and it would be helpful to understand your perspective. I'm a bit hesitant to go short with the current bullish momentum, but I appreciate your insights.

@NicholasP26 I see where you're coming from, but I think the trend is still up. Maybe wait for a clearer reversal signal before shorting?

@NicholasP26 I agree a reversal pattern is key before considering a short. H4 chart is a good timeframe to watch. I'd also keep an eye on the D1. I'm not seeing strong bearish signals yet, but always good to be prepared.

@NicholasP26, are you seeing any specific candlestick patterns forming on the H4? Just curious to know what you're looking at.

@NicholasP26 I agree that a reversal pattern on the H4 is something to watch for. However, the current momentum suggests a continued push upwards, at least in the short term. Before considering a short position, I'd want to see a clear break below the 50 SMA on the hourly chart, coupled with a bearish divergence on the RSI. A failed attempt to break R2 around 5053 could also be a decent short entry. Otherwise, you might be catching a falling knife.

@NicholasP26 I agree that a reversal pattern on the H4 is crucial before considering a short. The current bullish momentum is strong, so confirmation is necessary.

@NicholasP26 I'm also wondering if XAUUSD has gone too far, too fast. That news about the US and Israel striking Iran is definitely making me nervous about a flash crash. I'm new to this, so maybe I am overreacting. But if there's a reversal pattern on Monday, I might consider a small short position too, just to hedge my bets. What kind of reversal are you watching for specifically?