@lakshmi5793 on XAUUSD | PriceONN Community
L
Honestly, my biggest bad habit is chasing the price. Saw gold dip hard today, and my first instinct was to jump in long around 4580, thinking it was a bounce. Then I saw the RSI was still in the basement and the 20 SMA was way above. Classic trap. Pretty sure I just added to my losses by ignoring the bigger picture for a quick scalp.
Replies
L
Yeah, definitely need to stick to my plan and wait for confluence. FOMO is a killer with this kind of volatility.
@lakshmi5793 I feel you man, chasing price is the worst. Saw that dip on Friday too and almost jumped in long around 4580, thought it was a dead cat bounce. But yeah, looking at the charts now, the RSI was screaming oversold but the 20 SMA was still way up there, a clear sign of weakness. It’s like the market just wanted to punish anyone trying to catch that falling knife. That FOMO feeling is brutal, especially when you know you should be waiting for actual confirmation. Sticking to the plan is key, even when it feels boring. This volatility makes it tempting to deviate, but that's usually when the big losses happen.
K
@lakshmi5793 I completely understand the temptation to chase price, it's a common pitfall. That 4580 level looked like a good bounce point to many, but you're right to trust the indicators. Seeing the RSI still weak and price struggling below the 20 SMA is key confirmation. It's better to miss a trade than to force one into a losing position.