I'm setting up a long trade on XAUUSD based on a 30-minute chart using Elliott Wave analysis. The chart indicates that wave (4) of the corrective sequence has completed, and I'm anticipating an upward impulse in wave (5).
My entry point is around the current price of 2,414.48.
I'm targeting the following level for wave (5):
- Target: 2,491.898 at the 1.618 Fibonacci extension level.
I'll place my stop loss slightly below the recent low of wave (4) to manage risk. As the price approaches the target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated upward movement in the final wave of the Elliott Wave sequence.
My entry point is around the current price of 2,414.48.
I'm targeting the following level for wave (5):
- Target: 2,491.898 at the 1.618 Fibonacci extension level.
I'll place my stop loss slightly below the recent low of wave (4) to manage risk. As the price approaches the target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated upward movement in the final wave of the Elliott Wave sequence.
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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.