@dawnbreak246 on XAUUSD | PriceONN Community
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Just moved my stop loss on this XAUUSD position up to breakeven. Not taking any chances with this chop. Better to lock in zero than give back any unrealized gains if it whipsaws.
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Oh and I'm also keeping an eye on the 50 SMA around 4806. If price closes decisively below that on the H4, I might consider reducing my position size further. Just being prudent.
Smart move @dawnbreak246 moving your stop to breakeven. This chop is brutal, I swear. One minute it looks like it's going to moon, the next it's reversing hard. I'm not in a position right now but watching closely. That 50 SMA around 4806 you mentioned is definitely a spot to watch. If we can't hold above the 200 SMA, which is sitting higher up, then I'd be looking for a sweep of the lows to clear out some of the weak hands before any real move up. It's tough to tell if this ceasefire news is really going to sustain a rally or if it's just temporary relief.
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@dawnbreak246, breakeven is fine, but I bet the algorithms are already sniffing around there. They love to sweep stops before letting it go anywhere meaningful. Probably just another manipulation tactic.