XAUUSD LONG - ASIA SESSION - 1:4 RR
Good Morning Asia,
Today, price is still bearish on the H4. Although we did see a move towards the LOR I identified yesterday at 2407.18, price only tapped this level before pulling back into the range. There is a very strong likelihood of a continuation back down below the range but if you've traded gold long enough, you know that it has a tendency to stay with ranges.
My setup this morning is framed based on the bearish structure on the H1 timeframe within the H4 range. Here is a beautiful chart shot of it:
Based on this frame, we can see that two opportunities could present itself to me this morning. The first is to look for an opportunity to go long towards the HVA area if a good RR setup presents itself (1:2min) and the second is to be a seller from above the HVA towards the LOR which would most likely yield a higher RR opportunity.
The setup I posted is based on the first opportunity to buy towards the HVA. My pending is just below the day open price. The potential RR is 1:4 which is good to work with.
However, If price rallies towards the BSL pool at the HVA without hitting the lows (day open price), then this setup would be invalidated and I would be more attuned to a second opportunity.
Will keep you posted. Don't forget to like, share or leave a comment if you have any questions/feedback
Today, price is still bearish on the H4. Although we did see a move towards the LOR I identified yesterday at 2407.18, price only tapped this level before pulling back into the range. There is a very strong likelihood of a continuation back down below the range but if you've traded gold long enough, you know that it has a tendency to stay with ranges.
My setup this morning is framed based on the bearish structure on the H1 timeframe within the H4 range. Here is a beautiful chart shot of it:
Based on this frame, we can see that two opportunities could present itself to me this morning. The first is to look for an opportunity to go long towards the HVA area if a good RR setup presents itself (1:2min) and the second is to be a seller from above the HVA towards the LOR which would most likely yield a higher RR opportunity.
The setup I posted is based on the first opportunity to buy towards the HVA. My pending is just below the day open price. The potential RR is 1:4 which is good to work with.
However, If price rallies towards the BSL pool at the HVA without hitting the lows (day open price), then this setup would be invalidated and I would be more attuned to a second opportunity.
Will keep you posted. Don't forget to like, share or leave a comment if you have any questions/feedback
Trade active
Comment:
I moved SL to BE
Trade closed: target reached
