XAUUSD D and H4 Timeframes:
GOLD is in a strong uptrend.
RSI is operating around the 80 level, indicating that buying pressure is 4 times stronger than selling pressure.
Priority: Trade in the direction of the trend on higher timeframes.
H1 Timeframe:
GOLD is showing signs of a correction: EMA9 has crossed below WMA45, and RSI is positioned below the two MA lines.
Given the current slope of WMA45 on the H4 RSI, this correction is considered minor for now.
Intraday Trading Plan:
Entry Strategy:
If H1 continues to correct: Look for buy entries when RSI H1 reaches previous RSI lows (zones 44, 55).
If H1 breaks the current high (level 3128): Look for buy entries when RSI M15 reaches previous RSI lows (zones 30–40).
At these levels, RSI M5 should end its downward wave (e.g., forming a double-bottom pattern on RSI) or show a price-RSI divergence before entering a buy trade.
Stop Loss (SL):
Set SL 20–30 pips below the entry point's low on the M5 timeframe.
Take Profit (TP):
Follow an R:R ratio of at least 1:1.
Or, take profit when M5 ends its bullish wave:
- If RSI M5 forms a double-top pattern or
- If RSI M5 crosses below WMA45.
Partial profit-taking is recommended at different stages to optimize returns.
📌 Refer to my scripts for pre-configured RSI indicators. 🚀
Trade closed: target reached
A winning setup. The H1 RSI has reached 55 and reversed.
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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.