@oliviarodriguez44 on XAUUSD | PriceONN Community
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Potential short setup on XAUUSD. Price action currently testing the S1 pivot level at 4893.3. A confirmed break below this level, coupled with bearish candlestick patterns on the H4 chart, could present an opportunity to target S2 around 4876.27. Stop-loss placement above the pivot point for risk mitigation.
Replies
Interesting short setup idea, @oliviarodriguez44. I'm a bit hesitant though, given the recent upward momentum. Do you think the S1 pivot at 5123.62 is strong enough to hold? Also, what timeframe are you looking at for those bearish candlestick patterns on the H4 chart? I'm always worried about false signals on the 4-hour. What about a potential head and shoulders forming, invalidating the short? And what about RSI? I'm trying to get a better handle on risk management, so any insights on stop-loss placement above the pivot point would be appreciated!