Gold Hits TP 1 and I Missed BOTH Trades! Don’t Make This MISTAKE
Technical Analysis Update: Gold Spot (XAU/USD) Hits TP 1
Chart Overview:
- **Current Price**: $2,364.525 (Note: This was the previous price before hitting TP 1)
- **Time Frame**: 1 hour
- **Key Levels**:
- **Resistance Levels**:
- TP 3: $2,391.040
- TP 2: $2,386.595
- TP 1: $2,379.694 (Recently Hit)
- **Support Levels**:
- LQZ: $2,371.857
- LQZ: $2,356.635
- TP 1: $2,347.655
- TP 2: $2,339.090
Recent Price Action:
- **TP 1 Hit**: The price successfully hit the TP 1 level at $2,379.694, confirming a strong upward movement.
- **Missed Trades**: Unfortunately, I missed both trades due to not setting my alarm. This emphasizes the importance of staying vigilant and using alerts.
Candlestick Patterns:
- **Uptrend Confirmation**: The recent upward momentum has been strong, breaking through previous resistance levels.
- **Price Consolidation**: After hitting TP 1, the price is likely to experience some consolidation as traders take profits and evaluate the next move.
Key Observations:
1. **Resistance at TP 2 ($2,386.595)**: The next resistance level to watch is TP 2 at $2,386.595. A break above this level could signal further upward momentum.
2. **Support at LQZ ($2,371.857)**: The LQZ support level at $2,371.857 will be crucial in case of a pullback. This could be a potential entry point for those looking to join the uptrend.
### Lecture on Using Proper Risk Management
Risk management is crucial for successful trading. Here are key principles to ensure proper risk management:
1. **Determine Risk Tolerance**: Understand your risk tolerance and set a percentage of your capital that you are willing to risk on each trade. Commonly, traders risk 1-2% of their capital per trade.
2. **Set Stop Losses**: Always use stop losses to limit potential losses. For the current XAU/USD scenario, a stop loss could be placed slightly below the LQZ support level at $2,356.635.
3. **Position Sizing**: Calculate your position size based on your risk tolerance and stop loss level. For instance, if you have $10,000 and are willing to risk 2% ($200), and your stop loss is $10 away from the entry price, your position size would be 20 units.
4. **Risk-Reward Ratio**: Aim for a favorable risk-reward ratio. A common target is a 1:3 ratio, meaning you aim to make three times the amount you risk.
5. **Diversification**: Avoid putting all your capital into a single trade or asset. Spread your investments across different assets to mitigate risk.
Conclusion
For an in-depth analysis, make sure to watch the rest of the stream where I cover:
- **TSLA** (Tesla)
- **DXY** (US Dollar Index)
- **BTC** (Bitcoin)
- **US30** (Dow Jones Industrial Average)
Chart Overview:
- **Current Price**: $2,364.525 (Note: This was the previous price before hitting TP 1)
- **Time Frame**: 1 hour
- **Key Levels**:
- **Resistance Levels**:
- TP 3: $2,391.040
- TP 2: $2,386.595
- TP 1: $2,379.694 (Recently Hit)
- **Support Levels**:
- LQZ: $2,371.857
- LQZ: $2,356.635
- TP 1: $2,347.655
- TP 2: $2,339.090
Recent Price Action:
- **TP 1 Hit**: The price successfully hit the TP 1 level at $2,379.694, confirming a strong upward movement.
- **Missed Trades**: Unfortunately, I missed both trades due to not setting my alarm. This emphasizes the importance of staying vigilant and using alerts.
Candlestick Patterns:
- **Uptrend Confirmation**: The recent upward momentum has been strong, breaking through previous resistance levels.
- **Price Consolidation**: After hitting TP 1, the price is likely to experience some consolidation as traders take profits and evaluate the next move.
Key Observations:
1. **Resistance at TP 2 ($2,386.595)**: The next resistance level to watch is TP 2 at $2,386.595. A break above this level could signal further upward momentum.
2. **Support at LQZ ($2,371.857)**: The LQZ support level at $2,371.857 will be crucial in case of a pullback. This could be a potential entry point for those looking to join the uptrend.
### Lecture on Using Proper Risk Management
Risk management is crucial for successful trading. Here are key principles to ensure proper risk management:
1. **Determine Risk Tolerance**: Understand your risk tolerance and set a percentage of your capital that you are willing to risk on each trade. Commonly, traders risk 1-2% of their capital per trade.
2. **Set Stop Losses**: Always use stop losses to limit potential losses. For the current XAU/USD scenario, a stop loss could be placed slightly below the LQZ support level at $2,356.635.
3. **Position Sizing**: Calculate your position size based on your risk tolerance and stop loss level. For instance, if you have $10,000 and are willing to risk 2% ($200), and your stop loss is $10 away from the entry price, your position size would be 20 units.
4. **Risk-Reward Ratio**: Aim for a favorable risk-reward ratio. A common target is a 1:3 ratio, meaning you aim to make three times the amount you risk.
5. **Diversification**: Avoid putting all your capital into a single trade or asset. Spread your investments across different assets to mitigate risk.
Conclusion
For an in-depth analysis, make sure to watch the rest of the stream where I cover:
- **TSLA** (Tesla)
- **DXY** (US Dollar Index)
- **BTC** (Bitcoin)
- **US30** (Dow Jones Industrial Average)
This page is designed to:
Help you better understand your personal risk tolerance
Guide you through emotionally charged decisions
Improve your overall trading confidence and performance
Help you better understand your personal risk tolerance
Guide you through emotionally charged decisions
Improve your overall trading confidence and performance
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