XAUUSD - 2H - ABC into recent decision zone
This is a simple setup. i outlined a possible trade utilizing the angled trendline as a place to put stops below, since we dont have alot of horizontal structure to place stops below that would provide decent RRR.
i however will look more for trades on the lowertimeframe that compliment this idea rather than trading the outlined idea.
i however will look more for trades on the lowertimeframe that compliment this idea rather than trading the outlined idea.
Comment:
one trade that comes to mind on a lower timeframe is to wait for a break above this triangle and then buy the retest. that way, we will have more confirmation and a better risk reward (if you still chose to go for same targets.
Comment:
i wanted to trade the abc(d) correction and my stops were more design to be worstcase stops incase we dont respect the abc(d) formation.
but since we indeed saw the reaction in the area, i will now bring my stops below this month lows. limiting my risk to 1/3 of the original risk.
target1 also will be adjusted along the dashed blue line, so the longer price needs to get up there, the smaller my targets get. i just dont wanna risk the trendline bounce, just for a few more %. so if we hit the trendline, i will take first profits
but since we indeed saw the reaction in the area, i will now bring my stops below this month lows. limiting my risk to 1/3 of the original risk.
target1 also will be adjusted along the dashed blue line, so the longer price needs to get up there, the smaller my targets get. i just dont wanna risk the trendline bounce, just for a few more %. so if we hit the trendline, i will take first profits
Comment:
i think we came far enough up through the day to protect myself against a dropoff and bring stops to breakeven.
