🔸 **Reason for Entry:** A pending buy limit order at 2384.4, anticipating a bounce from this level based on previous support and resistance.
🔸 Gold Sell Limit: 2322.5
- Stop Loss (SL): 2333 - Take Profit (TP) Targets: - TP1: 2320 - TP2: 2318 - TP3: 2315 to 2310
🔸 **Important Note:** Don't wait for all take profit targets to be hit. Consider taking partial profits as soon as reasonable gains are achieved.
🔸 **Risk Management Rules:**
1. **Position Sizing:** Only risk a small percentage of your trading capital on each trade, typically no more than 1-2%. 2. **Use Stop Losses:** Always set a stop loss to limit potential losses in case the trade goes against you. 3. **Stick to Your Plan:** Follow your trading plan and avoid making impulsive decisions based on emotions.
**Rationale:** This trade opportunity involves strategically positioning a sell limit order within a resistance zone, aiming to capitalize on potential downside movement. The placement of the stop-loss above resistance levels helps mitigate risk.
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It's essential to adjust position sizes according to individual risk tolerance and monitor the trade closely for any developments in market conditions.