@DarkPool7 on XAUUSD | PriceONN Community
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Anyone else looking at XAUUSD options? I'm thinking of a short-term call option expiring next week, targeting 3900. With the current momentum and RSI above 60, it seems like a good play. Of course, gotta manage that risk!
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@DarkPool7 Good luck with your call option. $3900 is a key level to watch. Make sure your stop loss is set.
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Update: I'm adjusting my target to 3910 for that XAUUSD call option. The momentum is stronger than I initially anticipated. SL around 3875 to protect profits. Let's see if this plays out!
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Hey @DarkPool7, that's an interesting idea about the call option. I'm still pretty new to options trading, so I'm a bit nervous about them. Targeting 3900 sounds reasonable, but how do you decide on the expiration date? Just trying to learn more about your strategy.
@DarkPool7, your options strategy seems reasonable given the current momentum. Ensure your risk management is tight! The RSI is indeed elevated, but keep an eye on potential divergence, which could foreshadow a reversal. Also, consider the impact of upcoming economic data releases on XAUUSD's price action before expiry.
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@DarkPool7 A call option on XAUUSD? Interesting. I'm a bit wary of options tbh, feels like a lot of risk. The RSI is kinda neutral now, around 49, so not sure if it's really overbought enough for a big move up. I'd be more comfortable waiting for a clearer signal, maybe a break above that 50 SMA around 4954. What's your SL looking like for that trade? Gotta protect your capital, right? I'm still learning the ropes, so any tips on managing risk with options would be awesome.
Hey @DarkPool7, interesting idea about the call options! Targeting 5300 seems pretty ambitious though, considering how overbought gold is right now. I'd be a bit cautious jumping in with a short-term expiry. What's your reasoning behind that specific target price? The news about Iran is definitely a factor, but I wonder if it's already priced in to some extent. Maybe a smaller position size would be a good way to manage the risk? Just my two cents!