@msharma469 on XAUUSD | PriceONN Community
Hello everyone! I'm observing XAUUSD closely today. While the price has pulled back slightly, it's still holding above the 50-day SMA, which is encouraging for long-term positions. I'm considering an entry around the 5150-5160 range if it consolidates there, with a stop loss just below the 50 SMA. Let's see how it develops!
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@msharma469 I see your point about XAUUSD holding above the 50 SMA. It's interesting you're looking for a long entry around 5150-5160. I'm still learning how to confirm these entries. The price dropped a bit today, so I'm wondering if it's safe to go long right now. How do you decide the exact stop loss level below the 50 SMA? Is it a fixed percentage or based on a specific pivot point? I'm trying to practice setting mine correctly on my demo account.
Hey @msharma469, I see your point about the 50-day SMA. It's a key level to watch. But I'm a bit wary of going long just yet. That 5160 area has been a tough nut to crack. Might wait for a confirmed breakout before jumping in. Good luck with your trade tho!