XAUUSD 9 September 2024
Updated
Trade Idea: Sell Limit Order
Entry Price: 2,500.00
This is close to a resistance level observed in both the 1D and 1H charts. It aligns with a potential retracement back to a significant resistance area just above where the price rejected multiple times.
Stop Loss: 2,503.50
Set just above the resistance level and recent fractals on the 1H chart to protect against upward breakouts.
Take Profit: 2,490.00
This level corresponds to a support level that has been tested multiple times. Price is likely to find liquidity in this zone.
Reward-to-Risk Ratio:
Reward-Risk Ratio: Approximately 2:1. With the stop loss placed 3.50 points away and the take profit at 10 points away, this trade offers a strong reward to risk ratio.
Trailing Stop Strategy:
When Price Hits 2,495.00: Move your stop loss to 2,498.00 to protect some profits.
When Price Hits 2,492.00: Move your stop to 2,495.00 to lock in additional profits while giving the trade room to breathe.
Scalping Focus:
This trade idea is designed to be held for a short period, capitalizing on quick retracements or volatility spikes.
The entry price is slightly higher to account for quick price action moves without missing the trade opportunity.
Directional Bias:
The 1D chart shows a sideways trend near the top of a recent range, and the 1H chart is reflecting a short-term pullback. This scalp trade aligns with the retracement direction, but if the price strongly breaks upward, it’s wise to exit early.
Conclusion:
This sell limit trade setup is focused on short-term price rejection at a resistance level with a reward-to-risk ratio of 2:1, ideal for scalping. If the trade doesn't trigger or price moves against it quickly, consider waiting for a clearer signal rather than forcing a position.
Entry Price: 2,500.00
This is close to a resistance level observed in both the 1D and 1H charts. It aligns with a potential retracement back to a significant resistance area just above where the price rejected multiple times.
Stop Loss: 2,503.50
Set just above the resistance level and recent fractals on the 1H chart to protect against upward breakouts.
Take Profit: 2,490.00
This level corresponds to a support level that has been tested multiple times. Price is likely to find liquidity in this zone.
Reward-to-Risk Ratio:
Reward-Risk Ratio: Approximately 2:1. With the stop loss placed 3.50 points away and the take profit at 10 points away, this trade offers a strong reward to risk ratio.
Trailing Stop Strategy:
When Price Hits 2,495.00: Move your stop loss to 2,498.00 to protect some profits.
When Price Hits 2,492.00: Move your stop to 2,495.00 to lock in additional profits while giving the trade room to breathe.
Scalping Focus:
This trade idea is designed to be held for a short period, capitalizing on quick retracements or volatility spikes.
The entry price is slightly higher to account for quick price action moves without missing the trade opportunity.
Directional Bias:
The 1D chart shows a sideways trend near the top of a recent range, and the 1H chart is reflecting a short-term pullback. This scalp trade aligns with the retracement direction, but if the price strongly breaks upward, it’s wise to exit early.
Conclusion:
This sell limit trade setup is focused on short-term price rejection at a resistance level with a reward-to-risk ratio of 2:1, ideal for scalping. If the trade doesn't trigger or price moves against it quickly, consider waiting for a clearer signal rather than forcing a position.
Trade active
Stop loss shifted to $2498 as price has hit $2495.Trade closed: target reached
Target hit. Trade closed
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