Trade Setup (2/11/2024) - XAGUSD Long in Daily FVG
1. Setup: Enter a long position at the market open within the daily Fair Value Gap (FVG), as price is currently deep within this potential support zone.
2. Entry strategy:
- Target: 1:2 RRR.
- Risk: 1% of account.
- Entry confirmation: If already in the FVG, look for price stability or reversal signals (e.g., bullish candlestick patterns or rejection wicks) to confirm the entry.
3. Stop-loss and take-profit:
- Place stop-loss below the lower boundary of the daily FVG to manage downside risk.
- Set take-profit at twice the stop-loss distance to achieve a 1:2 RRR.
4. Additional considerations:
- Monitor for any relevant economic or geopolitical news that could affect silver's volatility.
- Ensure that the price action continues to support the long bias before committing fully to the trade.
1. Setup: Enter a long position at the market open within the daily Fair Value Gap (FVG), as price is currently deep within this potential support zone.
2. Entry strategy:
- Target: 1:2 RRR.
- Risk: 1% of account.
- Entry confirmation: If already in the FVG, look for price stability or reversal signals (e.g., bullish candlestick patterns or rejection wicks) to confirm the entry.
3. Stop-loss and take-profit:
- Place stop-loss below the lower boundary of the daily FVG to manage downside risk.
- Set take-profit at twice the stop-loss distance to achieve a 1:2 RRR.
4. Additional considerations:
- Monitor for any relevant economic or geopolitical news that could affect silver's volatility.
- Ensure that the price action continues to support the long bias before committing fully to the trade.
Note
Long it boys
Trade active
Letting it run.
Trade closed: target reached
I'll re enter worst case here
Fondera | Data-Driven Trading Excellence
💰Watch me trade live: youtube.com/@Fonderaio
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💰Watch me trade live: youtube.com/@Fonderaio
🚀 Discover actionable strategies: x.com/fonderaio
🌐 Explore my journey: fondera.io
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.
Fondera | Data-Driven Trading Excellence
💰Watch me trade live: youtube.com/@Fonderaio
🚀 Discover actionable strategies: x.com/fonderaio
🌐 Explore my journey: fondera.io
💰Watch me trade live: youtube.com/@Fonderaio
🚀 Discover actionable strategies: x.com/fonderaio
🌐 Explore my journey: fondera.io
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.