Gold-Trader_

XAUUSD Scenario for continuation of bull run

Long
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
This is a scenario for longs.

We're looking for support around 1796-1784, the price should ideally wick in that region and close above 1810-13 on the Daily.

Target 1: 1830
Target 2: 1840
Target 3: 1850

Optimal Entry - 1795
Stop Loss - 1775.00

I want to be out of longs if we head towards 1850. My short-term view is still for the price to go further down so i'm expecting a liquidity grab between 1850-75

Not trading advice, just my thoughts. ALWAYS Manage your risk through strict stop losses and money management.
Comment: Looks like we're approaching the SL on this trade idea. Breaking 1800 is crucial and ideally XAU needs a daily close above this level. Our lower level of 1747 is close so we will update our trading plan accordingly.
Comment: I re-entered this trade once a double bottom was established.

Taking partial profits here at 1830 and moving stop to just above entry. At 1840 i'm going to exit the trade
Comment: Have a small position left, i'm going to let it run to 1847. 95% of the trade was closed by 1840
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🟡 Disclaimer: Not financial advice. For educational purposes only.

Comments

It's a very impulsive bear flag. When was this ever a scenario for longs except for in the retail trader's handbook? 🤔
+1 Reply
Agreed
Reply
I'm also curious to know which of the big institutions whose momentum we need to ride the coattails of trade on the six hour chart? 🤔
Reply
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