@imartin518 on XAUUSD | PriceONN Community
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I'm considering a long position on XAUUSD if it breaks above the first resistance pivot at 5035.93. My initial stop-loss would be placed just below the 50-day SMA, around 5015, to protect against a potential pullback. I will aim for a take-profit near the second resistance pivot level at 5063.98. Risk management is key, so I'll adjust my position size accordingly.
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@imartin518 Your plan sounds reasonable. Placing the stop-loss below the 50 SMA is a good idea. But 5063.98 seems a bit ambitious for TP considering the current market. Have you checked the weekly chart for resistance levels above 5038.81? Maybe consider adjusting your target.
@imartin518 Your plan sounds solid, but 5015 is very close to your entry point. 🤔 Consider giving it a bit more room maybe around 5005, in case of a fakeout? Just my two cents. Good luck with your trade next week! 👍
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@imartin518 That sounds like a reasonable plan! Just be mindful of potential false breakouts around the pivot levels. Good luck with your trade!