@ataylor484 on XAUUSD | PriceONN Community

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ataylor484 PRO newbie
XAUUSD Feb 19
XAUUSD exhibiting classic bullish consolidation above the 200-day SMA. I'm curious to hear other traders' thoughts on optimal entry points for a swing trade targeting the R1 resistance at 5007.35. Are you waiting for a confirmed breakout or anticipating a pullback to the 4995 level before initiating a long position? What's your risk tolerance in this setup?
XAUUSD

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ataylor484 PRO newbie Feb 19
Update: After further analysis, I'm leaning towards waiting for a confirmed breakout above 5007.35 before entering a long position. The RSI is neutral, suggesting the current upward momentum may be limited. A potential false breakout followed by a sharp correction remains a significant risk. I'll be monitoring price action closely around the 5013 level for signs of exhaustion. A tight stop-loss order just below the pivot point at 4997.54 will be essential to manage downside risk. Conservative approach seems prudent given current volatility.
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