Short term Trade setup on XAU (GOLD)
Updated
Macro trend:
- Yearly/Monthly: Bullish, just broken out of consolidation with higher lows
- Weekly: Bullish, Just broken out of 6 week consolidation
2 ways to get in on a trend:
- Wait for the retracement and buy the retest
- Buy near the bottom of the consolidation
Key levels outlined:
1) Last week Range High
2) H4 consolidation (Mark the top and bottom)
3) H1 Demand zone
Confluence for trade:
- Trade idea aligns with Macro trend
- H1 Demand zone + Bottom of consolidation (Both same area - My first entry)
Invalidation: H1 close below Demand zone
Adding position: H4 close above Last week High, Buy a retest near top of consolidation
- Yearly/Monthly: Bullish, just broken out of consolidation with higher lows
- Weekly: Bullish, Just broken out of 6 week consolidation
2 ways to get in on a trend:
- Wait for the retracement and buy the retest
- Buy near the bottom of the consolidation
Key levels outlined:
1) Last week Range High
2) H4 consolidation (Mark the top and bottom)
3) H1 Demand zone
Confluence for trade:
- Trade idea aligns with Macro trend
- H1 Demand zone + Bottom of consolidation (Both same area - My first entry)
Invalidation: H1 close below Demand zone
Adding position: H4 close above Last week High, Buy a retest near top of consolidation
Trade closed: stop reached
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