XAUUSD Analysis - 24 Aug 2022
Updated
XAUUSD Analysis - for exercise purpose only
Daily technical analysis
1. MACD -> upward crossover
2. RSI -> the RSI line goes upwards to 70 line (overbought area)
3. Key level
Daily key levels are levels that were based on the highest price and the lowest price on previous day
a. Resistance - 1744
b. Support - 1754
Today's action plan
Entry point -> 1749
TP -> 1754
SL -> 1745
R/R ratio: 1.49
Daily technical analysis
1. MACD -> upward crossover
2. RSI -> the RSI line goes upwards to 70 line (overbought area)
3. Key level
Daily key levels are levels that were based on the highest price and the lowest price on previous day
a. Resistance - 1744
b. Support - 1754
Today's action plan
Entry point -> 1749
TP -> 1754
SL -> 1745
R/R ratio: 1.49
Trade active
Comment
Sorry there is a revision on my description. it should have hourly chart analysis.Apologise for the inconvenience
Trade closed: stop reached
Comment
self-reflection and conclusionA. self-reflection
As it can be seen, it should have hit the TP target. However, I set an incorrect SL as it is too tight. I reflected what went wrong and the SL should have been placed below support level not on support level
B. conclusion
Ensure that the SL should have been placed below the stop loss when executing this strategy
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