XAUUSD 24 September 2024
Here is a proposed intraday trade setup
**Trade Setup: Long (Buy)**
**Confluence and Fractals:**
- On the **1H chart**, we observe a price reaction near **$2,620** (support level), which coincides with the Fibonacci retracement and fractal points.
- On the **1D chart**, price continues its uptrend after a minor retracement, aligning with the major trend. The price has bounced off support near the **$2,620** area, indicating a strong bullish structure.
**Entry Price (Buy Limit Order):**
- **Entry Price**: **$2,620.50**
- This entry is near the immediate support level, offering a low-risk entry and taking advantage of potential upward momentum if the price continues the trend.
**Stop Loss:**
- **Stop-Loss Price**: **$2,612.00**
- This is placed below the last major support zone on the 1H chart and Fibonacci levels, providing enough room for price fluctuations while keeping risk limited.
**Take Profit (Target):**
- **Target Price**: **$2,640.00**
- This target aligns with an expected retracement level near a high liquidity area, where resistance is anticipated. It also reflects a recent resistance point observed on both 1H and 1D charts.
**Risk-to-Reward Calculation:**
- **Risk**: $8.50 per ounce (from **$2,620.50** to **$2,612.00**).
- **Reward**: $19.50 per ounce (from **$2,620.50** to **$2,640.00**).
- **Risk-to-Reward Ratio**: **1:2.29**
**Trailing Stop-Loss Strategy:**
1. **Initial Stop-Loss**: Set at **$2,612.00** after entering the trade at **$2,620.50**.
2. **Move to Break-even**: Once the price reaches **$2,630.00**, adjust the stop-loss to **$2,620.50**
3. **Trail Stop-Loss**: When the price reaches **$2,635.00**, trail the stop-loss to **$2,625.00** to lock in some profits while protecting against a reversal.
4. **Final Adjustment**: As the price nears **$2,640.00**, move the stop-loss to **$2,630.00** to maximize your profit.
**Final Trade Details:**
- **Buy at**: **$2,620.50**
- **Stop Loss**: **$2,612.00**
- **Take Profit**: **$2,640.00**
- **Position Size**: **0.8 ounces of gold**
This trade setup offers a good risk-to-reward ratio and follows the direction of the higher timeframe trend. Use the trailing stop-loss strategy to protect your profits as the price moves favorably.
**Trade Setup: Long (Buy)**
**Confluence and Fractals:**
- On the **1H chart**, we observe a price reaction near **$2,620** (support level), which coincides with the Fibonacci retracement and fractal points.
- On the **1D chart**, price continues its uptrend after a minor retracement, aligning with the major trend. The price has bounced off support near the **$2,620** area, indicating a strong bullish structure.
**Entry Price (Buy Limit Order):**
- **Entry Price**: **$2,620.50**
- This entry is near the immediate support level, offering a low-risk entry and taking advantage of potential upward momentum if the price continues the trend.
**Stop Loss:**
- **Stop-Loss Price**: **$2,612.00**
- This is placed below the last major support zone on the 1H chart and Fibonacci levels, providing enough room for price fluctuations while keeping risk limited.
**Take Profit (Target):**
- **Target Price**: **$2,640.00**
- This target aligns with an expected retracement level near a high liquidity area, where resistance is anticipated. It also reflects a recent resistance point observed on both 1H and 1D charts.
**Risk-to-Reward Calculation:**
- **Risk**: $8.50 per ounce (from **$2,620.50** to **$2,612.00**).
- **Reward**: $19.50 per ounce (from **$2,620.50** to **$2,640.00**).
- **Risk-to-Reward Ratio**: **1:2.29**
**Trailing Stop-Loss Strategy:**
1. **Initial Stop-Loss**: Set at **$2,612.00** after entering the trade at **$2,620.50**.
2. **Move to Break-even**: Once the price reaches **$2,630.00**, adjust the stop-loss to **$2,620.50**
3. **Trail Stop-Loss**: When the price reaches **$2,635.00**, trail the stop-loss to **$2,625.00** to lock in some profits while protecting against a reversal.
4. **Final Adjustment**: As the price nears **$2,640.00**, move the stop-loss to **$2,630.00** to maximize your profit.
**Final Trade Details:**
- **Buy at**: **$2,620.50**
- **Stop Loss**: **$2,612.00**
- **Take Profit**: **$2,640.00**
- **Position Size**: **0.8 ounces of gold**
This trade setup offers a good risk-to-reward ratio and follows the direction of the higher timeframe trend. Use the trailing stop-loss strategy to protect your profits as the price moves favorably.
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