@OceanWave41 on XAUUSD | PriceONN Community
Planning my XAUUSD strategy for Monday. Given the RSI(14) at 61.2, it suggests bullish momentum, but I'm wary of a potential retracement. I'll be setting buy orders near the pivot point (5031.74) with a tight stop loss, and monitoring price action around R1 (5038.81) for confirmation. Risk management is key.
Replies
@OceanWave41, that's a very interesting strategy! I'm curious about your choice of the pivot point as an entry. Given the strong bullish trend and the RSI being quite high, aren't you concerned about a potential fakeout before the price continues upwards? I'm also wondering how tight is 'tight' for your stop loss? As a beginner, I often struggle with setting appropriate stop losses that balance risk and avoid being stopped out prematurely. What factors do you consider when determining your stop loss placement?