I'm looking to go long on XAU/USD based on the 30-minute chart and Elliott Wave analysis. Here's my detailed plan:
- Entry Point: I will enter a long position at the current price level of around 2364.5. This level follows the completion of wave (4), indicating that an upward movement is anticipated.
- Targets: My primary target for this trade is the 1.618 Fibonacci extension level of wave (3), which is approximately at 2425.67. As an intermediate target, I will consider the 1 Fibonacci extension level of wave (3), around 2397.18.
- Stop Loss: To manage risk, I will place my stop loss just below the low of wave (4), at around 2345. This stop loss level is set to protect against significant moves against my position while allowing for normal market fluctuations.
- Trade Management: I will closely monitor the trade as it progresses towards the target levels. If the price approaches the intermediate target of 2397.18 and shows signs of resistance or reversal, I might take partial profits and adjust my stop loss to break even or slightly higher. If the price continues to move in my favor towards the final target of 2425.67, I will trail my stop loss to lock in profits.
This setup leverages clear Elliott Wave patterns and offers a favorable risk-reward ratio. By adhering to this plan, I aim to capitalize on the anticipated upward movement while effectively managing risk.
Explore more insights and connect with me on my socials—follow for updates! 🚀
- Entry Point: I will enter a long position at the current price level of around 2364.5. This level follows the completion of wave (4), indicating that an upward movement is anticipated.
- Targets: My primary target for this trade is the 1.618 Fibonacci extension level of wave (3), which is approximately at 2425.67. As an intermediate target, I will consider the 1 Fibonacci extension level of wave (3), around 2397.18.
- Stop Loss: To manage risk, I will place my stop loss just below the low of wave (4), at around 2345. This stop loss level is set to protect against significant moves against my position while allowing for normal market fluctuations.
- Trade Management: I will closely monitor the trade as it progresses towards the target levels. If the price approaches the intermediate target of 2397.18 and shows signs of resistance or reversal, I might take partial profits and adjust my stop loss to break even or slightly higher. If the price continues to move in my favor towards the final target of 2425.67, I will trail my stop loss to lock in profits.
This setup leverages clear Elliott Wave patterns and offers a favorable risk-reward ratio. By adhering to this plan, I aim to capitalize on the anticipated upward movement while effectively managing risk.
Explore more insights and connect with me on my socials—follow for updates! 🚀
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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.
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.