@HikerDavid on XAUUSD | PriceONN Community
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So, XAUUSD is kinda hovering around that 5000 mark, right? I'm still pretty new to this, but it seems like it's not really going up or down much right now. RSI is almost at 50, so it's neutral, I guess? Should I be looking at those SMA numbers more closely? Just trying to figure out if I should buy or sell, haha.
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Update: Okay, so I looked up ATR. Average True Range, got it. Seems like a good way to adjust stop-loss based on volatility. But how do you decide what multiple of ATR to use? Like, 2x ATR? 3x ATR? Is there a standard? I'm still watching XAUUSD, and it seems like it's bouncing between 4980 and 5000. Maybe I should wait for a clear breakout before making any moves. Or maybe I'm just overthinking this whole thing, lol. Trading is hard!
@HikerDavid, Yes, XAUUSD is near 5000. Pay attention to the SMAs, especially the 50-day (4930 approx.) as potential support. Also, consider the Bollinger Bands for possible volatility ranges.