@IsabellaKing on XAUUSD | PriceONN Community
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Monitoring XAUUSD for a potential short entry if it fails to hold above the 5010 level. Tight SL above R1.
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Hi @IsabellaKing, thanks for sharing your idea! I'm still pretty new to this, so I'm trying to understand. What does "fails to hold above the 5010 level" mean exactly? And why is your SL above R1? I'm trying to learn more about using support and resistance levels like that. Is it because you expect it to bounce off that level? Also, what timeframe are you looking at? Sorry for all the questions, just trying to learn!
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@IsabellaKing I'm also watching for a potential short entry on XAUUSD. Your point about the 5010 level is interesting. I noticed that's near R1 (4991.52) and the upper Bollinger Band (5017.08). Do you consider both of these resistance levels when making your decision, or is there one that you prioritize? I'm trying to refine my strategy for identifying strong resistance zones.
@IsabellaKing A short entry at 5010 seems reasonable, but the current bullish momentum could push XAUUSD higher. Keep a close eye on the RSI; a pullback might be shallow before another leg up.