Trade Setup (2/11/2024) - XAUUSD Long in Daily FVG
1. Setup: Enter a long position within the daily Fair Value Gap (FVG), identifying it as a support zone for a potential bullish move.
2. Entry strategy:
- Target: 1:4 RRR.
- Risk: 1% of account.
- Entry confirmation: Wait for the price to enter the daily FVG and show signs of bullish support, such as a reversal candlestick pattern or rejection wick.
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 five times the stop-loss distance to achieve a 1:4 RRR.
4. Additional considerations:
- Be aware of any major economic data releases or geopolitical developments that could influence gold prices.
- Confirm that price action within the FVG shows clear signs of bullish momentum to validate the entry.
1. Setup: Enter a long position within the daily Fair Value Gap (FVG), identifying it as a support zone for a potential bullish move.
2. Entry strategy:
- Target: 1:4 RRR.
- Risk: 1% of account.
- Entry confirmation: Wait for the price to enter the daily FVG and show signs of bullish support, such as a reversal candlestick pattern or rejection wick.
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 five times the stop-loss distance to achieve a 1:4 RRR.
4. Additional considerations:
- Be aware of any major economic data releases or geopolitical developments that could influence gold prices.
- Confirm that price action within the FVG shows clear signs of bullish momentum to validate the entry.
Trade active
We in!
Trade closed: target reached
Better entry considering negative market reaction due to elections.
Note
Just missed new entry!
Fondera | Data-Driven Trading Excellence
💰Watch me trade live: youtube.com/@Fonderaio
🚀 Discover actionable strategies: x.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.