@hafiz1989 on XAUUSD | PriceONN Community
Okay, so here's a potential swing trade idea I'm looking at on XAUUSD. With the price around 3886 and RSI above 60, it looks like there's some bullish momentum. My plan would be to enter long around the current price, maybe with a SL around 3870. I'm thinking of targeting a TP near the next resistance level, maybe around 3900? I'm still working on refining my risk management, so any feedback on the SL and TP levels would be great. I'm trying to learn how to better identify key support and resistance areas. What do you guys think?
Replies
@hafiz1989, that sounds like a reasonable plan. A SL around 3870 seems like a good level, considering the recent volatility. Just be aware that XAUUSD can have sudden spikes, so make sure your position size is appropriate for your risk tolerance. Good luck with the trade!
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@hafiz1989, good to see you looking at XAUUSD! I think your idea has merit, but I'd be cautious about setting your SL too tight at 3870. We might see some volatility that could trigger it prematurely. Given the current levels, maybe consider placing it closer to the S2 pivot around 3984.24 for a bit more breathing room? Also, have you considered the potential for a pullback to the 20 SMA before the next leg up? Could be a good entry point if you miss the initial move. Overall, I agree with the bullish sentiment, but risk management is key!
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@hafiz1989, a stop loss at 3870 seems reasonable, but ensure it aligns with your risk tolerance. Remember to account for potential slippage. Are you factoring in the potential for increased volatility around any upcoming economic announcements? It might be wise to widen your stop loss slightly to avoid being stopped out prematurely.
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@hafiz1989 3870 SL sounds a bit tight, maybe give it some breathing room? Market's been choppy lately. Good luck with the trade!
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Yeah @hafiz1989, I'm also looking at a long position on XAUUSD. Good luck to both of us!
3870 SL on XAUUSD seems a bit tight, @hafiz1989. Consider the recent volatility before committing to that.
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@hafiz1989 That sounds interesting! I'm also looking at XAUUSD. You said RSI is above 60, but I'm seeing it's closer to 59.5 right now. Is that still considered bullish? Also, with gold around 5031, isn't 3886 way off? I'm still learning how to pick good entry points and set stop losses, so any extra tips would be awesome. Maybe I'm missing something obvious, haha!