XAUUSD 13 August 2024
Trend Analysys
Chart patern
2024-08-13T00:04:34+00:00
Trade Setup
1. Direction:
- Uptrend on the higher timeframe (1D chart) with the 15-minute chart confirming the bullish movement through a series of higher highs and higher lows.
2. Entry Price:
- Buy Limit Order: Place a buy limit order at $2,468.00. This level is near a minor support zone on the 15-minute chart, offering a lower-risk entry point during a potential pullback.
3. Stop Loss:
- Stop Loss: Set your stop loss at $2,460.00. This position is below the recent low on the 15-minute chart, sufficiently covering market noise while effectively limiting risk.
4. Target Price:
- Take Profit: Set your take profit at $2,490.00. This target aligns with the next significant resistance level and stands above a key Fibonacci extension level on the 15-minute chart, ensuring a strong reward-to-risk ratio.
5. Trailing Stop:
- Trailing Stop: Upon reaching the price of $2,480.00, adjust your stop loss to $2,468.00, thereby securing profit while allowing the trade to progress toward the target.
Trade Rationale:
- The 1D chart demonstrates robust bullish momentum with the price surpassing recent highs, indicating potential for continued upward movement.
- The 15-minute chart reveals a breakout and retest pattern, suggesting the uptrend will persist.
- This setup presents an attractive reward-to-risk ratio of approximately 2.75:1.
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