xauusd 15mThe chart you've shared is a 15-minute candlestick chart of Gold Spot (XAU/USD), with a clear trade setup visualized. Here's a breakdown of the key elements in the chart:
Key Zones and Levels:
Register Zone (Red Box - Bottom): This is the strong support zone where price previously bounced. It's likely used as a stop-loss zone or invalidation area.
Entry Level (Yellow Box): This is the suggested area to enter a long (buy) position. The current price (3,303.045) is just above this zone.
1st Setup (Blue Line at 3,309.560): This seems to be a resistance or confirmation level. Breaking above this might indicate bullish momentum.
Target Point (Green Box - Top): This is the anticipated take-profit zone, indicating the expected upward price move from the entry.
Strategy Interpretation:
1. Bullish Setup:
Enter long near the entry level (yellow zone).
Confirmation or added confidence if the price breaks above the 1st setup level (3,309.560).
Target the green zone as the profit-taking point.
Invalidation or stop-loss would likely be below the register zone (around 3,292–3,294 range).
Summary:
This chart shows a classic support-retest and continuation setup. The idea is to catch the price as it bounces from a support zone and rides it to the next resistance.
If you'd like, I can help you:
Calculate the risk-to-reward ratio.
Analyze historical patterns or confluence with indicators.
Turn this setup into a written trade plan.
Would you like any of that?
