Trade Setup (2/11/2024) - XAUUSD Long in Daily FVG

1. Setup: Enter a long position within the daily Fair Value Gap (FVG), identifying it as a support zone for a potential bullish move.

2. Entry strategy:
- Target: 1:4 RRR.
- Risk: 1% of account.
- Entry confirmation: Wait for the price to enter the daily FVG and show signs of bullish support, such as a reversal candlestick pattern or rejection wick.

3. Stop-loss and take-profit:
- Place stop-loss below the lower boundary of the daily FVG to manage downside risk.
- Set take-profit at five times the stop-loss distance to achieve a 1:4 RRR.

4. Additional considerations:
- Be aware of any major economic data releases or geopolitical developments that could influence gold prices.
- Confirm that price action within the FVG shows clear signs of bullish momentum to validate the entry.
Trade active
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We in!
Trade closed: target reached
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Better entry considering negative market reaction due to elections.
Note
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Just missed new entry!
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