Gold (XAUUSD)Long
Gold 4H Buy Setup
On this 4-hour Gold (XAU/USD) chart, I’ve identified a potential buying opportunity at the Point of Interest (POI), but I’ll only enter after getting clear confirmation.
My Observations
1. Market Structure Shift:
There’s a Change of Character (CHoCH) on the chart, suggesting a potential shift from bearish to bullish momentum. This gives me a reason to start looking for buying opportunities, but I’ll wait for the market to confirm it’s ready to go higher.
2. Discount and Premium Zones:
The price has retraced into the Discount Zone, which is where I prefer to look for buy entries. It’s always better to buy low (discount) and aim for the higher zones (premium), but I won’t rush into it until I see evidence that the buyers are stepping in.
3. Point of Interest (POI):
The POI I’ve marked aligns perfectly with a key support area, and I suspect it’s a level where big players might step in. I’m watching this zone closely for a reaction. If I see bullish confirmation, that’s where I’ll look to get involved.
4. Key Levels for Confluence:
The Daily Key Level at 2,598.79 adds strong support below the POI, and the upper Daily Key Level at 2,661.17 is a great target area for potential profit-taking. The current price (2,628.06) is approaching my POI, so now it’s a waiting game.
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My Plan
Entry:
I’ll buy only if the price gives me solid confirmation at the POI (around 2,627.18). This could be something like a bullish candlestick pattern, a lower timeframe structure break, or rejection wicks showing strong buying interest. No confirmation, no trade.
Stop Loss:
I’ll place my stop loss below the POI or the daily key level at 2,598.79, just to account for potential fakeouts.
Take Profit:
My first target will likely be the Daily Key Level at 2,661.17, but I’ll also be keeping an eye on the Premium Zone above that for extended profits.
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Why This Setup Makes Sense
The CHoCH suggests buyers might be taking over.
The price is in the Discount Zone, giving me a good risk-to-reward setup.
The POI and key levels below provide strong support and confluence.
By waiting for confirmation, I avoid getting caught in a potential fakeout.
For now, I’m just watching and staying patient. If the price gives me what I need at the POI, I’ll be ready to jump in.
My Observations
1. Market Structure Shift:
There’s a Change of Character (CHoCH) on the chart, suggesting a potential shift from bearish to bullish momentum. This gives me a reason to start looking for buying opportunities, but I’ll wait for the market to confirm it’s ready to go higher.
2. Discount and Premium Zones:
The price has retraced into the Discount Zone, which is where I prefer to look for buy entries. It’s always better to buy low (discount) and aim for the higher zones (premium), but I won’t rush into it until I see evidence that the buyers are stepping in.
3. Point of Interest (POI):
The POI I’ve marked aligns perfectly with a key support area, and I suspect it’s a level where big players might step in. I’m watching this zone closely for a reaction. If I see bullish confirmation, that’s where I’ll look to get involved.
4. Key Levels for Confluence:
The Daily Key Level at 2,598.79 adds strong support below the POI, and the upper Daily Key Level at 2,661.17 is a great target area for potential profit-taking. The current price (2,628.06) is approaching my POI, so now it’s a waiting game.
---
My Plan
Entry:
I’ll buy only if the price gives me solid confirmation at the POI (around 2,627.18). This could be something like a bullish candlestick pattern, a lower timeframe structure break, or rejection wicks showing strong buying interest. No confirmation, no trade.
Stop Loss:
I’ll place my stop loss below the POI or the daily key level at 2,598.79, just to account for potential fakeouts.
Take Profit:
My first target will likely be the Daily Key Level at 2,661.17, but I’ll also be keeping an eye on the Premium Zone above that for extended profits.
---
Why This Setup Makes Sense
The CHoCH suggests buyers might be taking over.
The price is in the Discount Zone, giving me a good risk-to-reward setup.
The POI and key levels below provide strong support and confluence.
By waiting for confirmation, I avoid getting caught in a potential fakeout.
For now, I’m just watching and staying patient. If the price gives me what I need at the POI, I’ll be ready to jump in.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.