XAUUSD Analysis - trade max 8 hours

For self-assessment only

This time I am opening a trade position of short based on reasons below

A. Price Action
Currently, the resistance level of today is 1740.66. The price bounced downwards when touching this key level

- For further confirmation of entry, two indicators are needed for the purpose of predictive analysis and historical analysis. I am using RSI and MACD respectively

B. RSI for Predictive analysis
- The RSI indicator created a bearish crossover since 4-5 hours ago. However, it needs another confirmation from the historical data perspective.
- The RSI line stays below the RSI-based MA line while waiting for MACD to create a bearish crossover. This has strong confirmation that the current trend is bearish

C. MACD for historical analysis
- The MACD created a bearish crossover

Trade setup
1. OP - 1734.95 (the OP has been set 2 hours ago)
2. SL - on the resistance level that is 1740.66
3. TP - 1.5x ratio that is 1726.40
Note: put the short position on 1hr timeframe, zoom out to 4h timeframe and set the TP ratio adjustment on that timeframe

Trade active:

OP has been set 2 hours ago

Trade closed manually:

Trade did not hit either SL nor TP

Opening Position - 1734.95
Closed Position - 1732.23
Profit (in pips) - 27.2 pips