Make XAUUSD Great Again! March 20-24 Trading Plan
Updated
XAUUSD has broken out of the downtrend after the 1260 rejection and with hourly timeframe moving averages confirming the trend change. Bulls are still in the game and it looks like it will have another try against the Wall of Trump resistance.No big positions as of yet as I expected a pullback that didn't materialize and it consolidated for 2 days straight after the FOMC breakout.
4H Timeframe View:
XAUUSD is sitting just right above the 200MA and its looking to be a firm support for the next upmove1H Timeframe View:
XAUUSD is forming higher lows after the FOMC breakout which suggests buyer strength. The 1230 level/20DMA is still acting as a resistance but as long as the current momentum continues it will be great to take a long position if there will be a short pullback to the 1206-1207 level and if the said level holds.Preferred Entry: 1226-1227.5
Stop: 1223
Profit 1260
Just in case the level doesn't hold, we can look for a pullback till the 1219-1220 and take a long position if it holds.
Preferred Entry: 1219-1220
Stop: 1216
Profit 1260
Any feedbacks are appreciated!
Trade active
Took the pill, looks like it will breakoutLong: 1231.02
Stop: 1229
Profit: 1262
Trade closed: stop reached
Stopped out possible trend reversal so currently neutralTrade active
Late UpdateAfter the break of the bull support, it suddenly retook and even retested the 20MA/50MA on 1H tf
Entry: 1231.89
Profit:1262
Stop: 1230
Note
Took partial profits waiting for another entryNote
Currently retesting the previous resistance turned support 1H Timeframe View:
4H Timeframe View:
As long as the 1H yellow line(50MA) and 4H red line(20MA) holds then the rectangle will be either an ideal long entry point but if it breaks and holds below the supports then it would be a great short entry area as well
Trade closed manually
Uptrend broken. Possible reversal so currently waiting for direction.
Trade active
Took a short scalp as it looks like its ripe for a pullbackShort: 1243.91
Stop: 1246.5
Profit: 1234
Might close the position early if target isn't reached before US session ends
Trade closed manually
Closed long with small profit. Markets currently too volatile
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