@gcooper598 on XAUUSD | PriceONN Community
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I'm considering a potential long entry around 3883, which is near the first support pivot point. I'd like to see a clear bullish candlestick pattern form before entering, to confirm the upward momentum. My initial target would be around 3891 (R2), but I'll be closely monitoring the price action and adjusting my target accordingly. I'll set a stop-loss below the pivot support level to limit my potential losses. Just a thought, still need to confirm.
Replies
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Hey @gcooper598, your entry around 3883 seems a bit too early considering the current market structure. While waiting for candlestick confirmation is smart, consider the broader context. 🧐 The SMAs are showing bullish momentum, and price is near 4018. Waiting for a pullback to the 3997 (S1) level might offer a better risk-reward ratio for a long entry. Also, monitor the D1 chart for a clearer trend confirmation before committing. Ensure your SL is well-placed to account for volatility! 👍 Risk management is key! 💰
@gcooper598 I like your idea of waiting for confirmation. A bullish engulfing or a hammer candlestick pattern near that 3883 level would definitely strengthen the case for a long entry. However, keep an eye on the 50 SMA; it's acting as dynamic support around that area too. Also, remember to factor in the news; upcoming economic data releases could easily invalidate your setup. Consider scaling into the position rather than going all-in at once, to manage risk better. Good luck with your trade!
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@gcooper598 Your entry point near 3883 aligning with the S1 pivot is a prudent approach. Confirming with a bullish candlestick pattern is a good risk management strategy.
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Grace, your target of 3891 is reasonable, aligning with R2. Ensure your stop-loss is appropriately placed to manage potential downside risk. Monitor the price action around that level closely.
Hey @gcooper598, 3883 seems like a long way off from where gold is trading now, no? Are you sure about that level? Maybe you're looking at a different chart or something. I'm seeing it around 5147! But I like your idea of waiting for a bullish candlestick. That's what I'm trying to do too, but sometimes I get impatient and jump in too early lol. Good luck with your trade! Hope it goes up for both of us!