In the chart, we are looking at the price action of Gold (XAU/USD) on a 1-hour (H1) timeframe. Here are some key observations:
The price has been moving upwards, breaking previous swing highs and forming a series of higher highs.
Various support and resistance levels are marked with yellow lines, representing key price zones for potential entries or exits.
The green and red shaded areas represent demand (buy) and supply (sell) zones, respectively, which are important for understanding price reversals or continuations.
The orange and white lines are likely moving averages, helping to determine the trend direction (with the orange line typically being a faster moving average and the white line slower).
The "bos" markings suggest areas where price broke structure (Break of Structure), indicating potential trend shifts or reversals.
Trading Plan:
Entry point: Consider entering a long (buy) position near the demand zone around 2,932 (highlighted in green). You might look for a pullback to this area for better entry.
Target: The target could be near the upper resistance levels, such as around 2,946 or 2,950 (highlighted in red) depending on your risk tolerance.
Stop Loss (SL): Set the stop loss below the demand zone at approximately 2,916, ensuring it remains within a reasonable distance from your entry point, respecting market volatility.
Look for confirmation before entering—such as a price rejection at the demand zone or a continuation of the uptrend above the moving averages. Make sure to monitor any changes in momentum or structure to adjust your plan accordingly.
The price has been moving upwards, breaking previous swing highs and forming a series of higher highs.
Various support and resistance levels are marked with yellow lines, representing key price zones for potential entries or exits.
The green and red shaded areas represent demand (buy) and supply (sell) zones, respectively, which are important for understanding price reversals or continuations.
The orange and white lines are likely moving averages, helping to determine the trend direction (with the orange line typically being a faster moving average and the white line slower).
The "bos" markings suggest areas where price broke structure (Break of Structure), indicating potential trend shifts or reversals.
Trading Plan:
Entry point: Consider entering a long (buy) position near the demand zone around 2,932 (highlighted in green). You might look for a pullback to this area for better entry.
Target: The target could be near the upper resistance levels, such as around 2,946 or 2,950 (highlighted in red) depending on your risk tolerance.
Stop Loss (SL): Set the stop loss below the demand zone at approximately 2,916, ensuring it remains within a reasonable distance from your entry point, respecting market volatility.
Look for confirmation before entering—such as a price rejection at the demand zone or a continuation of the uptrend above the moving averages. Make sure to monitor any changes in momentum or structure to adjust your plan accordingly.
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.