Market Overview:
Gold (XAU/USD) is trading near historical highs, indicating strong buying pressure. However, a potential candlestick pattern could signal a short-term correction.
🎯 Plan for the Day:
Short Positions (Short-Term):
I will consider entering short trades if a bearish candlestick pattern forms (e.g., pin bar or engulfing pattern).
Target: The nearest liquidity zone on the M15 timeframe.
Risk-to-Reward Ratio (RR): Greater than 1:5.
Long Positions (Short-Term):
If the price "sweeps" the liquidity at IDM (Initial Drive Momentum), I will consider entering a short-term long trade.
Target: The next liquidity zone on the upside.
📊 Chart:
Attached is a chart with key levels marked: historical highs, IDM, and nearby liquidity zones.
⚠️ Risk Management:
Stop-loss will be placed just beyond the nearest key level.
Position size is calculated to ensure risk does not exceed 1% of the trading capital.
Gold (XAU/USD) is trading near historical highs, indicating strong buying pressure. However, a potential candlestick pattern could signal a short-term correction.
🎯 Plan for the Day:
Short Positions (Short-Term):
I will consider entering short trades if a bearish candlestick pattern forms (e.g., pin bar or engulfing pattern).
Target: The nearest liquidity zone on the M15 timeframe.
Risk-to-Reward Ratio (RR): Greater than 1:5.
Long Positions (Short-Term):
If the price "sweeps" the liquidity at IDM (Initial Drive Momentum), I will consider entering a short-term long trade.
Target: The next liquidity zone on the upside.
📊 Chart:
Attached is a chart with key levels marked: historical highs, IDM, and nearby liquidity zones.
⚠️ Risk Management:
Stop-loss will be placed just beyond the nearest key level.
Position size is calculated to ensure risk does not exceed 1% of the trading capital.
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.
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.