XAUUSD 09102024 30m

Updated

Price is still ranging on the HTFs. The daily candle on September 9 closed bullish at 2506.94.

On the LTFs, price is ranging between 2507.15 and 2500. This is a high-risk range, so no trades will be executed within this zone.

I will wait for potential buys above 2507.15, targeting the daily resistance at 2516 and the 30-minute resistance at 2522.35.

I will look for potential sells below 2500, targeting the 4-hour support at 2492, with further downside targets at the 30-minute support of 2486, or the previous daily low at 2485.

Trade closed: target reached

I spotted a good setup within the no-trade range. Given the higher risk, I decided to take a buy with a small lot size as I’m already up 8% for the week. Pre-London volume contributed to the price rise, validating the setup. I've already taken profits and left runners to hold through the London open and into the NY session, with SLs moved at BE.

Comment

Price tested the key support area at 2500 but volume was not enough. Will price consolidate within the range again or break this support leading up to NY session?

Comment

If 30m closed above the resistance, this is a good buy for price to continue pushing up to 2516.

Comment

Price didn't make a high after opening at 30m and moved higher than the prev 30m candle. Still no buys

Comment

Waiting for price to make an upper wick then break prev 15m candle for sells

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