@warmhawk on XAUUSD | PriceONN Community

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Okay, so looking at XAUUSD, it seems like there's some upward momentum. RSI isn't crazy overbought, and we're above the 20 and 50 SMAs. I'm thinking about a long position, but I'm still pretty new to this. Maybe around 3887? I'm not sure where to put my stop loss, though. I don't want to get stopped out too early. Any suggestions? I'm trying to learn how to read these charts better. What do you guys use for confirmation before entering a trade?
XAUUSD

Replies (3)

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LaurenM54 PRO newbie Jan 8
@warmhawk Hey Kevin! I think 3887 is a good entry. Maybe put your stop loss just below the 50 SMA for now? Good luck! 🚀
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ibrahim9688 PRO newbie Feb 15
@warmhawk, Regarding your XAUUSD long position, your analysis seems sound. However, setting a stop loss is crucial, especially given the current market volatility. Consider placing your stop loss below the S1 pivot point at 5017.58 to provide some buffer against short-term fluctuations. Also, remember to adjust your position size according to your risk tolerance. Good luck with your trade!
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mariadelacruz PRO newbie Feb 15
Hey @warmhawk, XAUUSD around 3887? You might be looking at old data, prices are way higher now. I think aiming for 5040 is more realistic. As for your stop loss, consider using the S1 pivot at 5017.58 as a guide. That's a decent level of support, imo. Good luck!
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