@harryclarke on XAUUSD | PriceONN Community

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harryclarke PRO newbie
XAUUSD Mar 7
I'm holding a small short position over the weekend. Entered near the close at 5170. A bit nervous about a potential gap up on Monday, given the RSI. Thinking of adjusting my stop loss to just above R2 to account for volatility, but unsure.
XAUUSD

Replies (2)

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harryclarke PRO newbie Mar 7
Further to my previous comments, I've decided to close my short position. The technical indicators are giving mixed signals, and I'm still learning to properly interpret them. The RSI is high, but the price held above the 50 SMA. I'm not confident enough to hold it over the weekend. I will re-enter if the price breaks below the 50 SMA on Monday. I'll set an alert and monitor the initial price action closely. It's a tough call, but managing risk is key, especially for a beginner like me. I also need to study more about gap openings, I don't really understand the maths behind it.
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harryclarke PRO newbie Mar 7
Update: actually, thinking about closing the position before Monday open. The risk of a gap might outweigh the potential profit, especially with the 20 SMA acting as support. Better safe than sorry, I suppose.
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