GOLD(XAUUSD)
Gold is 0.1% higher this morning Monday 24th of May, 2021, as it is trading along Friday’s closing price.
From the daily chart (D1), we can see a bullish channel breakout with price current at $1880 range. Also, alongside side the breakout is a golden crossover. Where price action is above EMA 55, 100 and 200.
Golden crossover is at play as we can see EMA 55 crossing over EMA 200 and 100, while price action is above all the EMAs.
Buy position;
Entries – Ladder your buys from $1832, $1811 and $1785
Stoploss – $1751
Take Profit - $1958 and $2037
Lotsize: This actually depends on your trading amount. However, here are my recommendations based on the trading amount;
$100 - $5000 – Lot size 0.01 – 0.04
$6000 - $15,000 – Lot size 0.05 – 0.08
$16,000 - $50,000 – Lot size 0.09 – 0.25
$50,000 - $100,000 – Lot size 0.25 – 0.5
Total amount of open trades shouldn’t be more than 5. More so, this strategy ensures you lose less than 2% - 2.5% of your total trading portfolio on a single trade and earn more than 5% - 6% on a trade.
Gold is 0.1% higher this morning Monday 24th of May, 2021, as it is trading along Friday’s closing price.
From the daily chart (D1), we can see a bullish channel breakout with price current at $1880 range. Also, alongside side the breakout is a golden crossover. Where price action is above EMA 55, 100 and 200.
Golden crossover is at play as we can see EMA 55 crossing over EMA 200 and 100, while price action is above all the EMAs.
Buy position;
Entries – Ladder your buys from $1832, $1811 and $1785
Stoploss – $1751
Take Profit - $1958 and $2037
Lotsize: This actually depends on your trading amount. However, here are my recommendations based on the trading amount;
$100 - $5000 – Lot size 0.01 – 0.04
$6000 - $15,000 – Lot size 0.05 – 0.08
$16,000 - $50,000 – Lot size 0.09 – 0.25
$50,000 - $100,000 – Lot size 0.25 – 0.5
Total amount of open trades shouldn’t be more than 5. More so, this strategy ensures you lose less than 2% - 2.5% of your total trading portfolio on a single trade and earn more than 5% - 6% on a trade.
Comment:
Total number of open trades shouldn’t be more than 5. More so, this strategy ensures you lose less than 2% - 2.5% of your total trading portfolio on a single trade if it goes against you and earn more than 5% - 6% on a trade if it goes in your favor.