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Long

XAUUSD LONG - WEEKLY timeframe - modified Heiken Ashi strategy

FX:XAUUSD   Gold Spot / U.S. Dollar
Using a modified Heiken Ashi system whereby one enters long or short at the next bar based on the body of the previous completed bar, even if it is a doji . A more traditional HA strategy takes a directional position following a trending candle. This modified strategy is more aggressive and more mechanical meaning one does not perform a full analysis of the instrument in addition to following the strategy rules.
In this trade the body of last week's HA candle was green therefore we enter long at the open. Stop goes beyond the local low. This constitutes 1 risk unit. An approximate target is set at 2.5 risk units.

Comments

Hit target, +2.5R
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