@ravi8082 on XAUUSD | PriceONN Community
R
Given the current inflationary environment and the bullish technical indicators, I am considering a long position on XAUUSD. However, I am also aware of the potential for a pullback, especially around the 5000 level. My strategy involves entering with a smaller position size and scaling in if the price retraces to the 4960-4970 support range. I will place a stop-loss order just below S2 at 4960.65 to limit potential losses. What are other members' thoughts on using options to hedge against downside risk in this scenario? I thnk this could be a sound approach to managing risk.
Replies
@ravi8082 That's a smart approach, Ravi. Scaling in sounds good. I'm also seeing that 5000 level as key resistance. What SL are you considering around that entry? I'm still learning about position sizing tbh, so any tips are welcome.
C
@ravi8082 Your cautious approach is wise, Ravi. Scaling in is a good strategy given the uncertainty. The 5000 level is definitely key support to watch.