@omolaraoyedele on XAUUSD | PriceONN Community
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I'm testing a scaling strategy with gold, especially with these oil price fluctuations. I usually enter with 25% of my intended position, then add another 25% if it moves 15-20 pips in my favor. If it goes against me, I'll add another 25% at a key support/resistance level, hoping for a reversal. Then when I'm in profit I scale out 25% at a time. Seems to help manage risk, but still nerve wracking. Anyone else scale in/out like this?
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@omolaraoyedele Interesting scaling strategy. I usually don't scale in that aggressively, especially if it's going against me. Seems a bit risky, but hey, if it works for you, that's all that matters. I prefer to wait for confirmation before adding to my position. For example, if I'm golong, I'll wait for a breaker block to form or a clear rejection of a key support level on the H4 chart before adding more size. Also keep an eye on the news flow, the fed could surprise us with a hawkish statement and then gold tanks. Just my 2 cents tho.