Gold Trading Strategy for 21st November 2024.Gold Price Strategy (1-Hour Candle Rejection and Breakout)
STRATEGY 1
Current Price: 2650.46
Sell Setup (Rejection at 2667-2668)
Condition: If the 1-hour candle closes below 2667-2668 (indicating rejection), look for a potential downside.
Entry: Enter a sell trade when the next 1-hour candle breaks the low of the rejected candle.
Targets:
T1: 2638 (first target for partial booking).
T2: 2618 (secondary target).
Stop-Loss: Place SL above the high of the rejected candle (e.g., 2675).
Buy Setup (Breakout Above 2668)
Condition: If the 1-hour candle closes above 2668, confirm bullish momentum.
Entry: Enter a buy trade when the next 1-hour candle breaks the high of the breakout candle.
Targets:
T1: 2685 (first target).
T2: 2700 (psychological resistance).
Stop-Loss: Place SL below the low of the breakout candle (e.g., 2660).
Risk Management
Risk no more than 1-2% of your trading capital per trade.
Adjust your position size based on the distance between your entry and stop-loss.
Example Scenarios:
Sell Setup Example:
Candle closes at 2665 after touching 2667-2668.
Next candle breaks 2660 (low of rejection candle).
Entry at 2660, SL at 2675, Targets: 2638 and 2618.
Buy Setup Example:
Candle closes at 2670 after breaking 2668.
Next candle breaks 2672 (high of breakout candle).
Entry at 2672, SL at 2660, Targets: 2685 and 2700.
STRATEGY 2
Gold Price Analysis
Current Price: 2650.46
Buy Above: 2668
Sell Below: 2618
Key Levels:
Resistance Levels:
R1: 2668
R2: 2685
R3: 2700
Support Levels:
S1: 2635
S2: 2618
S3: 2600
Disclaimer:
This analysis is for educational purposes and should not be considered as financial advice. Market movements can be volatile, and strategies must be backtested before use. Consult a financial advisor before executing trades. Trading involves significant risk, including the potential loss of your entire capital.
