2023 Jan 12 XAUUSD
Updated
Risk/Reward
6:1
Bias: Longs
Confluences
Macro
Daily/4h - Overall Bullish market condition on both timeframes.
4h - Structurally, Gold has now finally broke past the consolidating structure from earlier this week during last night's Asia and London session(s).(Gold has been bouncing in between zones 1880.000 and 1870.000 since Monday).
4h - Market structure break and retest from previous said consolidating pattern.
Micro
15m - This week's Monday, Tuesday, and Wednesday's US session(s) used as entry zone. Since this US session has been relevant for the past three days, this zone is used as an area of high interest for today's trading.
15m/5m - Bullish support candle closure(s) used as entry points. (1st entry on 5min and 2nd entry on 15m)
Remarks: FUNDAMENTAL NEWS!! CPI news event was today (30min into US Session). Once CPI news was released, it had negatively affected XAUUSD (despite the fact that there was no change from forecast and actual data, both being @ 6.5%). This effectively pushed price down into the said US session entry zone as mentioned on the 15min confluence, and retested that said area for a potential trade for a Long.
6:1
Bias: Longs
Confluences
Macro
Daily/4h - Overall Bullish market condition on both timeframes.
4h - Structurally, Gold has now finally broke past the consolidating structure from earlier this week during last night's Asia and London session(s).(Gold has been bouncing in between zones 1880.000 and 1870.000 since Monday).
4h - Market structure break and retest from previous said consolidating pattern.
Micro
15m - This week's Monday, Tuesday, and Wednesday's US session(s) used as entry zone. Since this US session has been relevant for the past three days, this zone is used as an area of high interest for today's trading.
15m/5m - Bullish support candle closure(s) used as entry points. (1st entry on 5min and 2nd entry on 15m)
Remarks: FUNDAMENTAL NEWS!! CPI news event was today (30min into US Session). Once CPI news was released, it had negatively affected XAUUSD (despite the fact that there was no change from forecast and actual data, both being @ 6.5%). This effectively pushed price down into the said US session entry zone as mentioned on the 15min confluence, and retested that said area for a potential trade for a Long.
Trade active
Partial profit has been claimed, thus liquidating risk. Awaiting for rest of the trade to play out.Note
Majority of profits has now been claimed and moved stop loss to breakeven. The rest of the trade is now free floating, thus completing this trade.Trade closed: target reached
Overall take profit at 1903.500 achieved during last night London session.
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