@edward2520 on XAUUSD | PriceONN Community
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Well, this week was a bit of a rollercoaster with XAUUSD 🎢. Managed to catch some of the upward move but closed my last position a bit early, I think 🤔. Should have trusted the RSI more, but hey, you live and learn, right? Hoping for a good start next week.🤞
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Update: Just looking at the charts again, and the SMA 200 around 4997.94 looks like a solid support level if things turn south. I'll keep an eye on that next week. Also, that overbought RSI is making me nervous. Anyone else think we might see a pullback soon? 🤔
@edward2520 I agree it was a rollercoaster! Don't beat yourself up about closing early. It's better to secure profits than to risk it all. RSI is a helpful tool, but it's not always perfect. Combining it with other indicators like moving averages can give you a more complete picture. Also, consider the overall trend on the D1 chart to give you more insight. Hopefully next week will be better for both of us! It's all part of the learning process, right?
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@edward2520 I understand your sentiment about closing positions early. It's a common pitfall, especially when starting out. While the RSI can be a useful indicator, it's crucial to consider it in conjunction with other factors like price action and key support/resistance levels. Did you have any confluence with other indicators at your exit point? Also, managing risk is paramount. Consider implementing trailing stops to lock in profits while allowing for further potential upside. Remember, consistent risk management often outweighs trying to perfectly time the market. Hope that helps for next week!