2022 Dec 02 XAAUUSD
Updated
Risk/Reward:
TP 1 - 2:1
TP 2 - 3:1
Bias: LONGS
Confluences for this trade is as follows:
Macro
Daily - Strong Bullish candle closure above a major weekly key level at price zone 17800.00 from yesterday's Daily candle.
4h - Break and retest off of a major structural swing high (pointed out in a YELLOW arrow)
4h - Bullish market condition (Uptrend)
Micro
15m - NFP news was positive for the USD, what ended up happening here for XAUUSD ( gold ) is that price pushed down to a potential Longs entry zone.
15m - Market retest off of wednesday's asia session zone
5m - Bullish Support candle as entry point
Remarks: Due to a strong bearish momentum from NFP, it is very likely that I could potentially can get stopped out from this trade. But as long as support is held then we could see potential signs of bearish exhaustion in the market, due to the fact that the bigger timeframes showcase a strong presents of bullish condition.
TP 1 - 2:1
TP 2 - 3:1
Bias: LONGS
Confluences for this trade is as follows:
Macro
Daily - Strong Bullish candle closure above a major weekly key level at price zone 17800.00 from yesterday's Daily candle.
4h - Break and retest off of a major structural swing high (pointed out in a YELLOW arrow)
4h - Bullish market condition (Uptrend)
Micro
15m - NFP news was positive for the USD, what ended up happening here for XAUUSD ( gold ) is that price pushed down to a potential Longs entry zone.
15m - Market retest off of wednesday's asia session zone
5m - Bullish Support candle as entry point
Remarks: Due to a strong bearish momentum from NFP, it is very likely that I could potentially can get stopped out from this trade. But as long as support is held then we could see potential signs of bearish exhaustion in the market, due to the fact that the bigger timeframes showcase a strong presents of bullish condition.
Trade active
Now that take profit 1 has been achieved (market reached at around 1800.00), partial profits has been placed, and stops moved to breakeven.. Concluding this trade's analysis work.Trade closed: target reached
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