XAUUSD 5 September 2024
Trend Direction:
1D Chart: The daily chart shows the price is moving in a consolidation phase around the $2,495 level, testing both support and resistance in the recent days. The overall trend is still in a pullback phase after a higher move.
15M Chart: The 15-minute chart shows support near $2,485 and resistance just above $2,500. There’s a potential for a retracement to the resistance zone around $2,500.
Fractals and Levels:
Support Level: $2,485 is a key support zone based on both the 1D and 15M charts. This would be a strong entry point for a low-risk trade.
Resistance Level: The $2,500 level is a key resistance zone, which will act as the target level for the trade.
Trade Idea:
Entry Price: $2,488 (This level is near the support zone and provides a low-risk entry).
Stop Loss: $2,478 (Placed just below the $2,485 support zone to minimize downside risk).
Take Profit: $2,505 (This aligns with the $2,500 resistance level where liquidity and retracement is expected).
Reward-Risk Ratio:
Risk: $2,488 (Entry) - $2,478 (Stop Loss) = $10
Reward: $2,505 (Take Profit) - $2,488 (Entry) = $17
Ratio: $17 / $10 = 1.7
Trailing Stop Loss Adjustment:
First Adjustment: Once the price reaches $2,495, move the stop loss to break even at $2,488 to eliminate risk.
Second Adjustment: When the price reaches $2,500, adjust the stop loss to $2,490 to lock in some profits.
Final Adjustment: If the price approaches $2,503, move the stop loss to $2,495 to secure further gains.
Execution:
Order Type: Place a limit buy order at $2,488.
Target Price: $2,505.
Stop Loss: $2,478.
Trade Rationale:
Probability: Given the confluence of the $2,485 support zone and the bullish momentum from recent lows. If the price breaks below $2,478, the setup will be invalidated, and it's best to avoid trading in such a scenario.
1D Chart: The daily chart shows the price is moving in a consolidation phase around the $2,495 level, testing both support and resistance in the recent days. The overall trend is still in a pullback phase after a higher move.
15M Chart: The 15-minute chart shows support near $2,485 and resistance just above $2,500. There’s a potential for a retracement to the resistance zone around $2,500.
Fractals and Levels:
Support Level: $2,485 is a key support zone based on both the 1D and 15M charts. This would be a strong entry point for a low-risk trade.
Resistance Level: The $2,500 level is a key resistance zone, which will act as the target level for the trade.
Trade Idea:
Entry Price: $2,488 (This level is near the support zone and provides a low-risk entry).
Stop Loss: $2,478 (Placed just below the $2,485 support zone to minimize downside risk).
Take Profit: $2,505 (This aligns with the $2,500 resistance level where liquidity and retracement is expected).
Reward-Risk Ratio:
Risk: $2,488 (Entry) - $2,478 (Stop Loss) = $10
Reward: $2,505 (Take Profit) - $2,488 (Entry) = $17
Ratio: $17 / $10 = 1.7
Trailing Stop Loss Adjustment:
First Adjustment: Once the price reaches $2,495, move the stop loss to break even at $2,488 to eliminate risk.
Second Adjustment: When the price reaches $2,500, adjust the stop loss to $2,490 to lock in some profits.
Final Adjustment: If the price approaches $2,503, move the stop loss to $2,495 to secure further gains.
Execution:
Order Type: Place a limit buy order at $2,488.
Target Price: $2,505.
Stop Loss: $2,478.
Trade Rationale:
Probability: Given the confluence of the $2,485 support zone and the bullish momentum from recent lows. If the price breaks below $2,478, the setup will be invalidated, and it's best to avoid trading in such a scenario.
Note
We suggest not to chase the price as the price is in the resistance zone now.
There is little change to the price action. We expect price to remain sidelined ahead of U.S. payrolls data - NFP could provide more clues on the size of an expected rate cut this month.
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