The chart you've provided is a 4-hour candlestick chart for XAU/USD (Gold Spot vs. USD). Here's a breakdown of the technical analysis pattern shown:
Key Observations:
1. Chart Pattern: This appears to be a bearish breakout from a potential double top or descending triangle formation.
2. Breakdown Zone: The green horizontal support zone has been broken to the downside, indicating selling pressure.
3. Entry Signal:
The breakdown below support, followed by a minor pullback and rejection, signals a potential short setup.
4. Stop Loss:
Placed at 3,280.965, above the recent swing high and above the green support-turned-resistance area.
5. Target Point:
Set at 3,150.967, indicating a potential move lower toward a prior support zone.
6. Current Price:
At the time of the screenshot, XAU/USD is trading at 3,221.640, below the stop-loss level and headed toward the target.
Summary:
This chart suggests a bearish bias with a favorable risk-to-reward setup. The trader is targeting a drop of approximately 70 points, with a stop loss around 60 points above the entry, suggesting a risk-reward ratio close to 1:1.2.
Would you like help with setting up a trade plan or risk management strategy for this setup?
Key Observations:
1. Chart Pattern: This appears to be a bearish breakout from a potential double top or descending triangle formation.
2. Breakdown Zone: The green horizontal support zone has been broken to the downside, indicating selling pressure.
3. Entry Signal:
The breakdown below support, followed by a minor pullback and rejection, signals a potential short setup.
4. Stop Loss:
Placed at 3,280.965, above the recent swing high and above the green support-turned-resistance area.
5. Target Point:
Set at 3,150.967, indicating a potential move lower toward a prior support zone.
6. Current Price:
At the time of the screenshot, XAU/USD is trading at 3,221.640, below the stop-loss level and headed toward the target.
Summary:
This chart suggests a bearish bias with a favorable risk-to-reward setup. The trader is targeting a drop of approximately 70 points, with a stop loss around 60 points above the entry, suggesting a risk-reward ratio close to 1:1.2.
Would you like help with setting up a trade plan or risk management strategy for this setup?
Trade active
Trade activeTrade closed: target reached
tarde active
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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.
t.me/aoh7ntKqUcdkZWJkhttps://t.me/aoh7ntKqUcdkZWJkIm professional forex trader....Im providing signals ..join me telegram channel
t.me/aoh7ntKqUcdkZWJkIm
t.me/aoh7ntKqUcdkZWJkIm
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.