11/07/2024 - XAUUSD - Bearish Butterfly Pattern
As of July 11th, 2024, XAU/USD (Gold) is forming a bearish butterfly pattern, indicating a potential downward movement. Here’s the trade plan:
Trade Details:
- Entry: Enter with SL above PRZ or on the breakout of the last HL
- Stop Loss: Above PRZ
Reason for Trade:
The bearish butterfly pattern suggests a potential downward movement. Traders can enter with a stop loss above the Potential Reversal Zone (PRZ) or wait for a breakout of the last higher low (HL) to confirm the bearish trend.
Traders should monitor the price action closely and adjust their positions accordingly to optimize potential profits and manage risks effectively.
Trade Details:
- Entry: Enter with SL above PRZ or on the breakout of the last HL
- Stop Loss: Above PRZ
Reason for Trade:
The bearish butterfly pattern suggests a potential downward movement. Traders can enter with a stop loss above the Potential Reversal Zone (PRZ) or wait for a breakout of the last higher low (HL) to confirm the bearish trend.
Traders should monitor the price action closely and adjust their positions accordingly to optimize potential profits and manage risks effectively.
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