XAUSD- Possible setup on 1 Hour timeframe
Key Details:
Entry Point: The suggested entry point appears to be after a minor pullback from the recent high. This typically indicates a possible rejection from a resistance level before a bearish movement. It looks like the entry is close to 2578 (as displayed on the chart).
Stop Loss: The stop loss is placed above the recent highs, around 2582, protecting the position in case the market moves upward.
Take Profit Levels:
Take Profit 1: Around 2565, which is near the immediate support level.
Take Profit 2: Further down, at 2532, indicating a deeper retracement or bearish movement. This level corresponds to a broader support zone visible on the chart.
The setup shows a clear risk-reward ratio, where you are risking a small amount (difference between entry and stop loss) to gain a larger potential profit (difference between entry and take profit). This strategy can be effective when anticipating a correction from recent highs in a bearish setup.
Entry Point: The suggested entry point appears to be after a minor pullback from the recent high. This typically indicates a possible rejection from a resistance level before a bearish movement. It looks like the entry is close to 2578 (as displayed on the chart).
Stop Loss: The stop loss is placed above the recent highs, around 2582, protecting the position in case the market moves upward.
Take Profit Levels:
Take Profit 1: Around 2565, which is near the immediate support level.
Take Profit 2: Further down, at 2532, indicating a deeper retracement or bearish movement. This level corresponds to a broader support zone visible on the chart.
The setup shows a clear risk-reward ratio, where you are risking a small amount (difference between entry and stop loss) to gain a larger potential profit (difference between entry and take profit). This strategy can be effective when anticipating a correction from recent highs in a bearish setup.
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.