GOLD_Long (short term)
Updated
XAUUSD has been forming a falling wedge which is visible on TFs 3hrs and below. My idea was to take a long entry after the CHoCH at 2299.98 with TP at of 2312.96 which is the1st level of resistance and also trend line of the wedge, this gives us 1:1.5 R:R with stops at the recent swing low 2291.32. There is also bullish divergence on RSI on the aforementioned TFs.
2nd trade in the chart:
if we manage to break the 2316 level after successful retest of the falling wedge structure, we could enter the second trade with entry @2316.24, TP@2336.96 and SL@2307.32.
This take profit target is based on the number of pips in the lowest dip in the wedge.
2nd trade in the chart:
if we manage to break the 2316 level after successful retest of the falling wedge structure, we could enter the second trade with entry @2316.24, TP@2336.96 and SL@2307.32.
This take profit target is based on the number of pips in the lowest dip in the wedge.
Trade closed: target reached
1st trade - target reached.Trade closed: target reached
2nd trade-i took the entry when price went to retest 2314 level and book profits with 1:1.5 R:R at 2329.12.
overall the analysis panned out pretty well.
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