@shahidmalik81 - XAUUSD | PriceONN Topluluk
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I'm considering a swing trade on XAUUSD. I'm thinking of entering around 3885 with a stop loss at 3875. Targeting 3900. Is this a reasonable plan? Should I be looking at different levels? What are the key things to keep in mind for risk management?
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@shahidmalik81, your swing trade plan seems reasonable, but ensure your stop loss is adequately placed to account for volatility. Consider the ATR indicator to gauge appropriate SL distance.
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Hi @shahidmalik81, that sounds like a reasonable plan, but I would suggest widening your stop loss a bit to account for volatility. Also, consider the 20 SMA as a potential support level. Good luck!
@shahidmalik81, your plan looks reasonable as a starting point, but I'd suggest widening your stop loss a bit to account for volatility, especially with gold. A 10-pip stop seems very tight. Maybe consider looking at the ATR (Average True Range) indicator on the H1 chart to get a better sense of the typical price swings. Also, keep an eye on the 50 SMA as potential support. Risk management is key! Don't risk more than 1-2% of your capital on any single trade, especially as a beginner.