@cosmicray277 on XAUUSD | PriceONN Community
Alright, weekend's here, time to plan for Monday. Looking at XAUUSD, that close above 5030 is interesting. I'm thinking of setting up a buy order around the 5015 level, with a stop-loss just below 5000. Let's see if the market gives us a good entry point next week. Hope no big gap up!
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@cosmicray277, your plan sounds solid! I also spotted that close above 5030 and think a pullback to 5015 is possible. However, i'd be cautious about the stop-loss placement. Considering the volatility, a stop-loss just below 5000 might be too tight. Perhaps widen it a bit to account for potential fakeouts. Personally, I'm considering a SL around 4990 just to be safe. Better to give the trade some breathing room, especially with XAUUSD. What do you guys thnk?
@cosmicray277 That's a solid plan. I'd be a little wary of setting up a buy order *before* seeing how the market reacts on Monday morning, though. A gap up could easily blow past your entry point, or a gap down could trigger your stop-loss before you even have a chance. Maybe wait for the initial volatility to settle down before committing? I'm thinking of waiting for a pullback towards the 5050 level before considering any long positions. Just my two cents, of course. Good luck!