Trade of the Week: Combo
Date mark up: October 22, 2023
XAUUSD
The white PATH tool is used to outline a potential market move
Scissors Trade Set Up:
Trade setup: Identify a an engulfing candle stick ( Bullish engulfing or Bearish engulfing) on the 4Hr. Then grab your fib and place it from the top of the candle to the bottom of the candle. Next grab a white dotted ray and place it at the 50%. Make sure to delete the fib after identifying the 50% mark. Now we are waiting for a break above or below at the 50% followed by a retest at the same 50%.
Execute: Break and retest
Reverse Rock trade Set Up: SELL
Trade setup: Place a red trendline to identify an Upward trend. See how the green candle broke out and closed below is a great indicator telling us th market is shifting. Now, we are waiting for the market now to respect the scissors trade to confirm our entry for a sell. Meanwhile we have to keep an eye on the market and be patient because sense it broke out of the trend line it has been moving sideways.
Standard Rules:
*Position Type: Limit orders and Market Execution orders ONLY
* Only risk 5% of your account
TP1 100 pips
Tp2 150 pips
Tp3 200 Pips
XAUUSD The white PATH tool is used to outline a potential market move
Scissors Trade Set Up:
Trade setup: Identify a an engulfing candle stick ( Bullish engulfing or Bearish engulfing) on the 4Hr. Then grab your fib and place it from the top of the candle to the bottom of the candle. Next grab a white dotted ray and place it at the 50%. Make sure to delete the fib after identifying the 50% mark. Now we are waiting for a break above or below at the 50% followed by a retest at the same 50%.
Execute: Break and retest
Reverse Rock trade Set Up: SELL
Trade setup: Place a red trendline to identify an Upward trend. See how the green candle broke out and closed below is a great indicator telling us th market is shifting. Now, we are waiting for the market now to respect the scissors trade to confirm our entry for a sell. Meanwhile we have to keep an eye on the market and be patient because sense it broke out of the trend line it has been moving sideways.
Standard Rules:
*Position Type: Limit orders and Market Execution orders ONLY
* Only risk 5% of your account
TP1 100 pips
Tp2 150 pips
Tp3 200 Pips
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