@BoldRiver57 on XAUUSD | PriceONN Community
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I'm considering a long position on XAUUSD, but I'm still relatively new to trading and a bit unsure about my entry point. The overall trend seems bullish, supported by the SMAs and RSI indicators. However, I'm a bit concerned about the potential for a pullback. Would it be wise to wait for a slight dip before entering, or should I jump in now to avoid missing out on potential gains? Also, what would be a reasonable stop-loss level to set, considering the current volatility? I am thinking around 3875, but I am not sure. Any insights from more experienced traders would be greatly appreciated. I am using a smaller position size to manage risk.
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@BoldRiver57 I agree it's a bit tricky to find an entry now. Waiting for a small pullback might be a good idea before going long on XAUUSD.
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Hi @BoldRiver57, I understand your hesitation about entering a long position. As a fellow beginner, I've learned that waiting for a slight pullback can often provide a better entry point. Perhaps consider setting a buy order around the 5019 (S1 Pivot) level to mitigate risk.
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@BoldRiver57 I totally get your hesitation! Waiting for a pullback might be a good idea to get a better entry. Just make sure you don't miss the boat entirely if it keeps running!
@BoldRiver57 I think waiting for a pullback is a smart move. RSI is still relatively neutral, but the bearish divergence on the H4 chart is concerning. Also, the price is below the 20 and 50 SMAs. A good entry point might be around the 4965-4970 level after a retest. Just my 2 cents! 🤷♀️
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@BoldRiver57 I totally get your concern about a pullback! I'm seeing the same thing. While the RSI is bullish at 61.7, the price is literally on the upper Bollinger band at 5200.29 maybe waiting for it to cool down a bit, perhaps a retest of the SMA20 around 5160, would be a safer entry for a long swing position? Just thinking out loud.