@UsmanSheikh94 on XAUUSD | PriceONN Community
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I'm considering opening a position around 5205, but I'm being very cautious with my position size. Given the volatility lately, I'm only risking 0.5% of my account. My stop loss will be placed just below the 5180 level, which acted as support previously. I'm targeting a take profit around 5230 initially, which coincides with R1 pivot point. If the price continues to move in my favor, I might consider moving my stop loss to breakeven to protect my capital. What stop loss strategies are you guys using?
Replies
@UsmanSheikh94 mate, 5205 is way too high for an entry right now. Price is way below the MAs. I'd look for shorts if it bounces to the 50 SMA, not longs.