Gold Trading Strategy 15th January 2024

Gold Trading Strategy
Buy Strategy:
Entry Point:
Condition: Wait for the price to close above 2683 on a 1-hour candle.
Trigger: Buy when the price moves above the high of the candle that closed above 2683.

Targets:
First Target: 2689
Second Target: 2697
Third Target: 2705

Stop-Loss:
Set a stop-loss order below the low of the 1-hour candle that closed above 2683 to limit potential losses.

Trailing Stop-Loss:
Use a trailing stop-loss to lock in profits as the price moves towards the targets. For example, set a trailing stop of 10 points below the current price.

Profit Booking:
As the price reaches each target, consider booking partial profits to secure gains. For instance, sell a portion of the position at 2689, another portion at 2697, and the remaining position at 2705.

Sell Strategy:
Entry Point:
Condition: Wait for the price to close below 2658 on a 1-hour candle.
Trigger: Sell when the price moves below the low of the candle that closed below 2658.
Targets:
First Target: 2650
Second Target: 2641
Third Target: 2625

Stop-Loss:
Set a stop-loss order above the high of the 1-hour candle that closed below 2658 to limit potential losses.

Trailing Stop-Loss:
Use a trailing stop-loss to lock in profits as the price moves towards the targets. For example, set a trailing stop of 10 points above the current price.

Profit Booking:
As the price reaches each target, consider booking partial profits to secure gains. For instance, sell a portion of the position at 2650, another portion at 2641, and the remaining position at 2625.

Risk Management:
Position Sizing:

Use proper position sizing to ensure you do not risk more than 1-2% of your trading capital on a single trade. This helps to manage risk and protect your capital.

Diversification:

Avoid putting all your capital into a single trade or asset. Diversify your trades across different assets to minimize risk.

Discipline:

Stick to the trading plan and do not deviate from the strategy. Avoid making impulsive decisions based on emotions.

Disclaimer:
This strategy is based on historical data and technical analysis. Past performance is not indicative of future results. Trading involves risk, and you should only invest money that you can afford to lose. Always conduct your own research or consult with a financial advisor before making any trading decisions.