I'm provided, here’s a breakdown of the buy trade setup and potential Take Profit (TP) levels for XAU/USD (Gold) on the 1-hour timeframe:
🟢 Buy Setup Summary:
Pattern Identified: Bullish wedge (indicates potential breakout upward).
Support Trend Line: Clearly marked under price, showing consistent higher lows.
Breakout Zone: Around 3,378.463 (current resistance area).
Setup Trigger: Buy after bullish breakout above resistance (3,378 area).
📌 Buy Entry:
Entry Price: After confirmed breakout and retest of resistance around 3,378.
🎯 Take Profit (TP) Levels:
1. TP1: 3,390 (psychological round number + minor resistance zone
2. TP2: 3,410 (intermediate resistance)
3. TP3 (Final Target): 3,450 (as per chart label: ~1000 pips move
🔒 Stop Loss (SL):
Below the wedge pattern, possibly at 3,295–3,305, depending on your risk tolerance.
🔁 Trade Management:
Consider trailing SL once TP1 is hit.
Watch for price action around TP1 and TP2 for partial profits or exit signs.
Be cautious around news events that could impact Gold prices (e.g., FOMC, CPI, etc.).
Let me know if you want this translated into a MetaTrader or TradingView script, or help setting alerts for each TP.
🟢 Buy Setup Summary:
Pattern Identified: Bullish wedge (indicates potential breakout upward).
Support Trend Line: Clearly marked under price, showing consistent higher lows.
Breakout Zone: Around 3,378.463 (current resistance area).
Setup Trigger: Buy after bullish breakout above resistance (3,378 area).
📌 Buy Entry:
Entry Price: After confirmed breakout and retest of resistance around 3,378.
🎯 Take Profit (TP) Levels:
1. TP1: 3,390 (psychological round number + minor resistance zone
2. TP2: 3,410 (intermediate resistance)
3. TP3 (Final Target): 3,450 (as per chart label: ~1000 pips move
🔒 Stop Loss (SL):
Below the wedge pattern, possibly at 3,295–3,305, depending on your risk tolerance.
🔁 Trade Management:
Consider trailing SL once TP1 is hit.
Watch for price action around TP1 and TP2 for partial profits or exit signs.
Be cautious around news events that could impact Gold prices (e.g., FOMC, CPI, etc.).
Let me know if you want this translated into a MetaTrader or TradingView script, or help setting alerts for each TP.
Trade active
Target 1 hit running 500 pips. Trade closed: target reached
Trade closed near to last target 3450.940 Pips done
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JOIN MY TELEGRAM:
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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.