Trade Idea: Buy Limit Order
Economic Factors:
Fed Rate Decisions: Speculations of potential rate cuts by the Federal Reserve could support gold prices as investors seek safe-haven assets.
Geopolitical Tensions: Ongoing geopolitical uncertainties can also drive investors towards gold, further pushing the price upwards.
Entry Price:
Entry Price: $2,400.00
This price level is selected because it is a point of confluence (fib level on 1D chart) and aligned with a previous resistance level turned support in the 15M chart.
Stop Loss:
Stop Loss Price: $2,390.00
Place the stop loss just below the recent low on the 15M chart to minimize risk, providing a buffer against market noise.
Take Profit:
Target Price: $2,425.00
This level is chosen as it represents a previous high on the 15M chart and is within a high liquidity zone on the 1D chart.
[IMPT] Stop Loss Adjustment to Trail Profits:
Adjust your stop loss to $2,410.00 once the price reaches $2,415.00.
This level is chosen to lock in partial profits and protect against sudden reversals, given it is just below the minor resistance level in the 15M chart.
Direction of Major Trend:
The major trend in the 1D chart appears to be sideways to slightly bullish, suggesting a higher probability of a bounce from the current support level.
Win more & lose less:
Enter with initial order, only when first layer in profit, stack additional layers after each 15M close with additional confirmation
Trade Execution (before spread adjustments):
Order Type: Buy Limit
Entry Price: $2,400.00
Stop Loss: $2,390.00
Take Profit: $2,425.00
Economic Factors:
Fed Rate Decisions: Speculations of potential rate cuts by the Federal Reserve could support gold prices as investors seek safe-haven assets.
Geopolitical Tensions: Ongoing geopolitical uncertainties can also drive investors towards gold, further pushing the price upwards.
Entry Price:
Entry Price: $2,400.00
This price level is selected because it is a point of confluence (fib level on 1D chart) and aligned with a previous resistance level turned support in the 15M chart.
Stop Loss:
Stop Loss Price: $2,390.00
Place the stop loss just below the recent low on the 15M chart to minimize risk, providing a buffer against market noise.
Take Profit:
Target Price: $2,425.00
This level is chosen as it represents a previous high on the 15M chart and is within a high liquidity zone on the 1D chart.
[IMPT] Stop Loss Adjustment to Trail Profits:
Adjust your stop loss to $2,410.00 once the price reaches $2,415.00.
This level is chosen to lock in partial profits and protect against sudden reversals, given it is just below the minor resistance level in the 15M chart.
Direction of Major Trend:
The major trend in the 1D chart appears to be sideways to slightly bullish, suggesting a higher probability of a bounce from the current support level.
Win more & lose less:
Enter with initial order, only when first layer in profit, stack additional layers after each 15M close with additional confirmation
Trade Execution (before spread adjustments):
Order Type: Buy Limit
Entry Price: $2,400.00
Stop Loss: $2,390.00
Take Profit: $2,425.00
Trade closed: target reached
Target hit
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.