Gold Hits TP 1 and I Missed BOTH Trades! Don’t Make This MISTAKE

Jul 10

Technical Analysis Update: Gold Spot (XAU/USD) Hits TP 1

Chart Overview:
- **Current Price**: $2,364.525 (Note: This was the previous price before hitting TP 1)
- **Time Frame**: 1 hour
- **Key Levels**:
- **Resistance Levels**:
- TP 3: $2,391.040
- TP 2: $2,386.595
- TP 1: $2,379.694 (Recently Hit)
- **Support Levels**:
- LQZ: $2,371.857
- LQZ: $2,356.635
- TP 1: $2,347.655
- TP 2: $2,339.090

Recent Price Action:
- **TP 1 Hit**: The price successfully hit the TP 1 level at $2,379.694, confirming a strong upward movement.
- **Missed Trades**: Unfortunately, I missed both trades due to not setting my alarm. This emphasizes the importance of staying vigilant and using alerts.

Candlestick Patterns:
- **Uptrend Confirmation**: The recent upward momentum has been strong, breaking through previous resistance levels.
- **Price Consolidation**: After hitting TP 1, the price is likely to experience some consolidation as traders take profits and evaluate the next move.

Key Observations:
1. **Resistance at TP 2 ($2,386.595)**: The next resistance level to watch is TP 2 at $2,386.595. A break above this level could signal further upward momentum.
2. **Support at LQZ ($2,371.857)**: The LQZ support level at $2,371.857 will be crucial in case of a pullback. This could be a potential entry point for those looking to join the uptrend.

### Lecture on Using Proper Risk Management

Risk management is crucial for successful trading. Here are key principles to ensure proper risk management:

1. **Determine Risk Tolerance**: Understand your risk tolerance and set a percentage of your capital that you are willing to risk on each trade. Commonly, traders risk 1-2% of their capital per trade.

2. **Set Stop Losses**: Always use stop losses to limit potential losses. For the current XAU/USD scenario, a stop loss could be placed slightly below the LQZ support level at $2,356.635.

3. **Position Sizing**: Calculate your position size based on your risk tolerance and stop loss level. For instance, if you have $10,000 and are willing to risk 2% ($200), and your stop loss is $10 away from the entry price, your position size would be 20 units.

4. **Risk-Reward Ratio**: Aim for a favorable risk-reward ratio. A common target is a 1:3 ratio, meaning you aim to make three times the amount you risk.

5. **Diversification**: Avoid putting all your capital into a single trade or asset. Spread your investments across different assets to mitigate risk.

Conclusion

For an in-depth analysis, make sure to watch the rest of the stream where I cover:
- **TSLA** (Tesla)
- **DXY** (US Dollar Index)
- **BTC** (Bitcoin)
- **US30** (Dow Jones Industrial Average)