XAUUSD 20 September 2024
Updated
It is Friday, here is a potential setup for a new trade idea on Gold (XAU/USD):
Trade Setup: Long (Buy)
Entry Price:
Entry Price: $2,580.00 (using a limit order).
The price is close to a support zone on the 1H chart and aligns with a Fibonacci retracement level from recent movements. This provides a low-risk entry point near a confluence of support.
Stop Loss:
Stop-Loss Price: $2,570.00.
Placing the stop-loss just below the previous support zone. This provides a reasonable buffer while limiting your risk.
Take Profit (Target):
Target: $2,600.00.
This target is near the recent highs seen on the 1H chart, where high liquidity and resistance are expected. Price is likely to encounter significant resistance at this level.
Risk/Reward Calculation:
Risk: $10.00 per ounce (from $2,580.00 to $2,570.00).
Reward: $20.00 per ounce (from $2,580.00 to $2,600.00).
Risk-to-Reward Ratio: 1:2
Trailing Stop-Loss Strategy:
Initial Stop-Loss: Place at $2,570.00 upon entry.
Break-even Adjustment: Once the price reaches $2,590.00, move the stop loss to $2,580.00 (your entry price) to eliminate risk.
Trail Stop: If the price reaches $2,595.00, trail your stop to $2,590.00 to lock in partial profits.
Final Adjustment: As the price approaches $2,600.00, consider trailing the stop loss further to $2,595.00 to secure more gains.
Final Trade Details:
Buy at $2,580.00.
Stop Loss: $2,570.00.
Take Profit: $2,600.00.
-therabbittrades
Trade Setup: Long (Buy)
Entry Price:
Entry Price: $2,580.00 (using a limit order).
The price is close to a support zone on the 1H chart and aligns with a Fibonacci retracement level from recent movements. This provides a low-risk entry point near a confluence of support.
Stop Loss:
Stop-Loss Price: $2,570.00.
Placing the stop-loss just below the previous support zone. This provides a reasonable buffer while limiting your risk.
Take Profit (Target):
Target: $2,600.00.
This target is near the recent highs seen on the 1H chart, where high liquidity and resistance are expected. Price is likely to encounter significant resistance at this level.
Risk/Reward Calculation:
Risk: $10.00 per ounce (from $2,580.00 to $2,570.00).
Reward: $20.00 per ounce (from $2,580.00 to $2,600.00).
Risk-to-Reward Ratio: 1:2
Trailing Stop-Loss Strategy:
Initial Stop-Loss: Place at $2,570.00 upon entry.
Break-even Adjustment: Once the price reaches $2,590.00, move the stop loss to $2,580.00 (your entry price) to eliminate risk.
Trail Stop: If the price reaches $2,595.00, trail your stop to $2,590.00 to lock in partial profits.
Final Adjustment: As the price approaches $2,600.00, consider trailing the stop loss further to $2,595.00 to secure more gains.
Final Trade Details:
Buy at $2,580.00.
Stop Loss: $2,570.00.
Take Profit: $2,600.00.
-therabbittrades
Order cancelled
Trade plan cancelled as price has already hit $2600 without any retracement. 
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