Gold Trade Setup (XAU/USD) - Short Position
Entry: Waiting for a 4-hour candle close below 2,616.065 before setting my sell order at 2,618.945 (4-hour resistance).
If the 4 hour does not close below 2616.065 this trade is not valid
SL: 2,621.000 (Above major resistance).
TP1: 2,616.065 (First 4-hour support) + SL to BE
TP2: 2,611.750 (1-hour support).
TP3: 2,609.055 (Key 4-hour support).
Rationale:
I'm looking for confirmation of resistance rejection on the 4-hour timeframe, with a close below 2,616.065. Once confirmed, I will set my sell order slightly higher at 2,618.945 to maximize entry at a strong resistance level. The stop loss is placed above at 2,621.000, and my take profits are aligned with key support levels: 2,616.065, 2,611.750, and 2,609.055.
If the 4 hour does not close below 2616.065 this trade is not valid
SL: 2,621.000 (Above major resistance).
TP1: 2,616.065 (First 4-hour support) + SL to BE
TP2: 2,611.750 (1-hour support).
TP3: 2,609.055 (Key 4-hour support).
Rationale:
I'm looking for confirmation of resistance rejection on the 4-hour timeframe, with a close below 2,616.065. Once confirmed, I will set my sell order slightly higher at 2,618.945 to maximize entry at a strong resistance level. The stop loss is placed above at 2,621.000, and my take profits are aligned with key support levels: 2,616.065, 2,611.750, and 2,609.055.
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.