I’m targeting a long position for XAUUSD on the 15-minute chart using Elliott Wave analysis.
The current price level is around 2387.065. I've identified the completion of wave (5) and am anticipating an upward movement into wave (b) of the corrective phase.
My target levels for this upward movement are based on the Fibonacci retracements of wave (a). The target levels are:
- 0.382 Fibonacci retracement at around 2388.956
- 0.5 Fibonacci retracement at around 2390.474
- 0.618 Fibonacci retracement at around 2391.992
To manage risk, I will place a stop loss just below the recent low of wave (a) to 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 target, 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.
The current price level is around 2387.065. I've identified the completion of wave (5) and am anticipating an upward movement into wave (b) of the corrective phase.
My target levels for this upward movement are based on the Fibonacci retracements of wave (a). The target levels are:
- 0.382 Fibonacci retracement at around 2388.956
- 0.5 Fibonacci retracement at around 2390.474
- 0.618 Fibonacci retracement at around 2391.992
To manage risk, I will place a stop loss just below the recent low of wave (a) to 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 target, 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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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.