### XAUUSD LONG
I'm targeting a long position for XAUUSD on the 15-minute chart using Elliott Wave analysis.
The current price level is around 2390.650. I've identified the completion of wave (4) and am anticipating an upward movement into wave (5).
My target levels for this upward movement are based on the Fibonacci extension of the previous impulse wave. The target levels are:
- 1 Fibonacci extension level at around 2411.825
- 1.618 Fibonacci extension level at around 2428.069
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 2379.815. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of resistance or reversal near the targets, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected upward movement in XAUUSD while effectively managing risk with clear entry, target, and stop loss levels.
I'm targeting a long position for XAUUSD on the 15-minute chart using Elliott Wave analysis.
The current price level is around 2390.650. I've identified the completion of wave (4) and am anticipating an upward movement into wave (5).
My target levels for this upward movement are based on the Fibonacci extension of the previous impulse wave. The target levels are:
- 1 Fibonacci extension level at around 2411.825
- 1.618 Fibonacci extension level at around 2428.069
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 2379.815. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of resistance or reversal near the targets, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected upward movement in XAUUSD while effectively managing risk with clear entry, target, and stop loss levels.
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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.