XAUUSD 20 September 2024
It is Friday, here is a potential setup for a new trade idea on Gold (XAU/USD):
Trade Setup: Long (Buy)
Entry Price:
Entry Price: $2,580.00 (using a limit order).
The price is close to a support zone on the 1H chart and aligns with a Fibonacci retracement level from recent movements. This provides a low-risk entry point near a confluence of support.
Stop Loss:
Stop-Loss Price: $2,570.00.
Placing the stop-loss just below the previous support zone. This provides a reasonable buffer while limiting your risk.
Take Profit (Target):
Target: $2,600.00.
This target is near the recent highs seen on the 1H chart, where high liquidity and resistance are expected. Price is likely to encounter significant resistance at this level.
Risk/Reward Calculation:
Risk: $10.00 per ounce (from $2,580.00 to $2,570.00).
Reward: $20.00 per ounce (from $2,580.00 to $2,600.00).
Risk-to-Reward Ratio: 1:2
Trailing Stop-Loss Strategy:
Initial Stop-Loss: Place at $2,570.00 upon entry.
Break-even Adjustment: Once the price reaches $2,590.00, move the stop loss to $2,580.00 (your entry price) to eliminate risk.
Trail Stop: If the price reaches $2,595.00, trail your stop to $2,590.00 to lock in partial profits.
Final Adjustment: As the price approaches $2,600.00, consider trailing the stop loss further to $2,595.00 to secure more gains.
Final Trade Details:
Buy at $2,580.00.
Stop Loss: $2,570.00.
Take Profit: $2,600.00.
-therabbittrades
Trade Setup: Long (Buy)
Entry Price:
Entry Price: $2,580.00 (using a limit order).
The price is close to a support zone on the 1H chart and aligns with a Fibonacci retracement level from recent movements. This provides a low-risk entry point near a confluence of support.
Stop Loss:
Stop-Loss Price: $2,570.00.
Placing the stop-loss just below the previous support zone. This provides a reasonable buffer while limiting your risk.
Take Profit (Target):
Target: $2,600.00.
This target is near the recent highs seen on the 1H chart, where high liquidity and resistance are expected. Price is likely to encounter significant resistance at this level.
Risk/Reward Calculation:
Risk: $10.00 per ounce (from $2,580.00 to $2,570.00).
Reward: $20.00 per ounce (from $2,580.00 to $2,600.00).
Risk-to-Reward Ratio: 1:2
Trailing Stop-Loss Strategy:
Initial Stop-Loss: Place at $2,570.00 upon entry.
Break-even Adjustment: Once the price reaches $2,590.00, move the stop loss to $2,580.00 (your entry price) to eliminate risk.
Trail Stop: If the price reaches $2,595.00, trail your stop to $2,590.00 to lock in partial profits.
Final Adjustment: As the price approaches $2,600.00, consider trailing the stop loss further to $2,595.00 to secure more gains.
Final Trade Details:
Buy at $2,580.00.
Stop Loss: $2,570.00.
Take Profit: $2,600.00.
-therabbittrades
Order cancelled
Trade plan cancelled as price has already hit $2600 without any retracement. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.