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.
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.