I have identified a long opportunity for Gold (XAUUSD) on the 2-hour chart using Elliott Wave analysis.
The current price level is around 2,397.98 USD, and I am entering the trade at this point. The chart shows the completion of wave (4) and the potential start of wave (5), which typically indicates an upward movement.
My target is set at the 1.618 Fibonacci extension level of wave (3), which is approximately 2,521.43 USD. This target is based on the typical extension seen in the fifth wave of Elliott Wave theory.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 2,388.87 USD. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
As the price approaches the target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the target, I will 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 2,397.98 USD, and I am entering the trade at this point. The chart shows the completion of wave (4) and the potential start of wave (5), which typically indicates an upward movement.
My target is set at the 1.618 Fibonacci extension level of wave (3), which is approximately 2,521.43 USD. This target is based on the typical extension seen in the fifth wave of Elliott Wave theory.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 2,388.87 USD. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
As the price approaches the target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the target, I will 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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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.
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.