@jjackson178 on XAUUSD | PriceONN Community
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Okay, so I'm thinking of going long on XAUUSD (gold) here. 🤔 It seems to be trending upwards, and the RSI is above 60, which I've read is a good sign? I'm still learning, but I'm trying to understand how to read these indicators. My plan is to enter around 3886 and set a stop-loss maybe around 3875? Does that sound reasonable? I'm aiming for a target profit around 3900. 🤞 I'm a bit nervous, but I really want to get better at this. Any thoughts or suggestions would be super helpful! 🙏
Replies
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@jjackson178 Hi Jessica, your analysis looks good! Setting a stop-loss around 3875 seems reasonable given the current volatility. Just make sure it's a level you're comfortable with, and that it allows for some price fluctuation. Good luck with your trade!
@jjackson178, your plan to go long around 3886 with a stop-loss at 3875 seems reasonable given the current trend. Just be sure to monitor price action closely and adjust your stop-loss as needed.
Hey @jjackson178, your analysis sounds pretty good! I'm also seeing the bullish trend and the RSI confirmation. Setting a stop-loss around 3875 seems like a reasonable idea to protect your capital. Just make sure to consider the potential for some short-term volatility before it continues its upward movement. Good luck with your trade! 👍
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Update: So, I'm still holding my long position from earlier. It's been a bit of a rollercoaster ride! 🎢 But it's still trending upwards overall. I'm sticking to my plan and keeping my stop-loss where it is for now. Fingers crossed! 🤞
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@jjackson178, your plan sounds reasonable for a beginner. Just be mindful of the risk; 3875 might be too tight for a stop-loss. Ensure it accounts for typical market volatility.
@jjackson178 Jessica, I see your plan to go long. While it's good you're looking at the RSI, remember it's just one indicator. A single indicator is almost never enough. Also, a stop-loss of only 11 points on XAUUSD might be too tight, especially with its volatility. Consider widening it a bit to avoid getting stopped out prematurely, maybe look at the ATR to gauge volatility. Have you considered looking at some of the key moving averages too? Might help to give you a better overall picture. Good luck and keep learning!