Gold Spot / U.S. DollarUpdated XAUUSD 9 September 2024
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
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.