@stephanieallen98 - XAUUSD | PriceONN Topluluk
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Thinking about a possible long position if XAUUSD can hold above that 50 SMA on the H4. Looking for confirmation with a bullish candle pattern. TP around 5025, SL below the 4990 support level. 🤞 Might be a quick scalp.
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@stephanieallen98 That's an interesting approach. I agree that holding above the 50 SMA on the H4 is a good confirmation signal. However, with the RSI already in overbought territory, I'd be cautious about a quick scalp. A deeper pullback might invalidate that setup. Your TP level seems reasonable, but I'd consider widening the SL a bit, maybe below the 5200 level, to avoid getting stopped out prematurely due to short-term volatility. Have you considered the potential impact of any upcoming economic data releases on your trade? Just thinking about risk management here.
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@stephanieallen98, your analysis aligns with my perspective on the H4 timeframe. I'm also watching that 50 SMA as a potential entry point. However, I'm a bit cautious about the TP at 5025, considering the resistance level around 5030. It might be prudent to adjust the TP slightly lower to secure profits.