XAUUSD 26 August 2024 - NY Session
Major Trend: Uptrend on the 1D chart
Entry:
Type: Buy Limit Order
Entry Level: $2,514.50 (Above recent high as shown on the 1H chart)
Reasoning: This level is slightly above the current resistance, indicating a breakout continuation in alignment with the higher timeframe trend.
Stop Loss:
Level: $2,500.00
Reasoning: Place the stop loss below the recent low and key support level to limit risk. This gives a buffer below potential volatility spikes.
Take Profit (TP):
Level: $2,540.00
Reasoning: This level is could be the next significant resistance zone for the ATH price based on historical price of $2530, offering a reward-to-risk ratio of more than 1.5. This level might witness liquidity, attracting potential sellers.
Trade Management:
Trailing Stop: Adjust the stop loss to break even at $2,520.00 once the price reaches $2,530.00. This protects the position as it gains in profit.
Targeting Profit Zones: If the price reaches $2,530.00, consider trailing your stop further to lock in additional gains.
Risk-Reward Ratio:
Risk: $14.5
Potential Reward: $25.50
RR: 1.75
Rationale:
The trade is aligned with the daily trend, utilizing fractals and resistance break levels as points of confluence.
Final Notes:
Consideration 1: Monitor closely around the $2,540.00 level as price action could reverse sharply due to profit-taking or liquidity hunts.
Consideration 2: We will reassess the price action for new opportunities if price hits $2540 before our buy limit order is filled.
Consideration 3: This trade sets us up for a good run for a potential new ATH. If price falls below $2500, we shall accept the loss. The risk is acceptable for the potential reward.
Entry:
Type: Buy Limit Order
Entry Level: $2,514.50 (Above recent high as shown on the 1H chart)
Reasoning: This level is slightly above the current resistance, indicating a breakout continuation in alignment with the higher timeframe trend.
Stop Loss:
Level: $2,500.00
Reasoning: Place the stop loss below the recent low and key support level to limit risk. This gives a buffer below potential volatility spikes.
Take Profit (TP):
Level: $2,540.00
Reasoning: This level is could be the next significant resistance zone for the ATH price based on historical price of $2530, offering a reward-to-risk ratio of more than 1.5. This level might witness liquidity, attracting potential sellers.
Trade Management:
Trailing Stop: Adjust the stop loss to break even at $2,520.00 once the price reaches $2,530.00. This protects the position as it gains in profit.
Targeting Profit Zones: If the price reaches $2,530.00, consider trailing your stop further to lock in additional gains.
Risk-Reward Ratio:
Risk: $14.5
Potential Reward: $25.50
RR: 1.75
Rationale:
The trade is aligned with the daily trend, utilizing fractals and resistance break levels as points of confluence.
Final Notes:
Consideration 1: Monitor closely around the $2,540.00 level as price action could reverse sharply due to profit-taking or liquidity hunts.
Consideration 2: We will reassess the price action for new opportunities if price hits $2540 before our buy limit order is filled.
Consideration 3: This trade sets us up for a good run for a potential new ATH. If price falls below $2500, we shall accept the loss. The risk is acceptable for the potential reward.
ملاحظة
Gold has reached $2525. Before price reaches $2530, we have shifted our stop loss to the breakeven point at $2515. ملاحظة
As of 28 August 2024
Trend Analysis:
Daily Chart (1D): The price is in a strong upward trend, approaching a key resistance level around $2,526.435, which has been tested multiple times. The fractals indicate a continuation of the upward movement, but there's caution at the resistance zone.
Hourly Chart (1H): The fractals show a breakout above previous highs, followed by a pullback to a support zone around $2,515. The price has since rebounded, confirming this level as support.
2. Entry (our 2nd layer of entry since our initial positions are in BE):
Entry Type: Limit Order.
Entry Price: $2,520 (A pullback to this level would be ideal as it aligns with the 1H chart support zone and previous resistance turned support).
3. Stop Loss:
Stop Loss Level: $2,510 (Placed below the recent low on the 1H chart to minimize risk).
4. Target:
Target Price: $2,540 (This target is near the next resistance level identified on the 1H chart, providing a good reward-risk ratio).
Reward-Risk Ratio: 2.0 (Targeting $20 move against $10 risk).
5. Trailing Stop Loss:
Once the price reaches $2,530, adjust the stop loss to $2,520 to lock in some profits.
If the price continues to $2,535, move the stop loss to $2,525.
6. Trade Justification:
Confluence: The entry price is aligned with a support level on the 1H chart and a previous resistance on the 1D chart, providing a low-risk entry.
The overall trend is upward, and the recent pullback offers a favorable entry.
Fibonacci Levels: The entry level near $2,520 is also close to the Fibonacci retracement level, offering additional confluence.
ملاحظة
Position closed at $2520. We update this plan in our trading idea for 28 August 2024
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.