I've identified a long opportunity for XAUUSD on the 2-hour chart using Elliott Wave analysis.
The current price level is around 2406, and I'm entering the trade at this point. The chart shows the completion of wave (4) and the potential start of an impulsive wave (5), indicating an upward movement.
My target levels are set based on the Fibonacci extensions of wave (3). The first target is at the 1.000 Fibonacci extension level, which is around 2450. The second target is at the 1.618 Fibonacci extension level, around 2516.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 2388. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
As the price approaches each target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the targets, 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 2406, and I'm entering the trade at this point. The chart shows the completion of wave (4) and the potential start of an impulsive wave (5), indicating an upward movement.
My target levels are set based on the Fibonacci extensions of wave (3). The first target is at the 1.000 Fibonacci extension level, which is around 2450. The second target is at the 1.618 Fibonacci extension level, around 2516.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 2388. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
As the price approaches each target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the targets, 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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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.