XAUUSD - Gold Rush Continues

Gold has printed a hammer on weekly. As expected, last week stopped the bearish momentum. I believe Gold price will revisit weekly Bat's reversal zone at 1341 at least. So we can try to scalp LONG with care.

Entry is when we break top of weekly pin candle at $1301.

I have identified three targets:
TP1 = $1310.68
TP2 = $1320.68
TP3 = $1341 - automatic exit (don't hold it). Price can go higher a bit but at that stage we should be hunting shorts in range $1341-$1365.

Disclaimer, I am bearish gold mid-term. I believe we will see much lower prices than 1280.

Good luck with your trades.

Comment:

TP1 is reached. Time to ensure the whole trade is profitable by placing trailing SL. If position is big taking 1/3 profit is Ok here.

Trade closed: stop reached:

Stop hit. Trade closed with profit. Never let winning trade to become loosing trade.

Comment:

We can repeat this trade again but that will be a separate idea.

Trade active:

Second attempt.

Comment:

I have decided to re-use this idea because it is really same setup. The only difference is now we want price to break 1311 for confirmation of higher prices. Before this happens it is risk ON trade and requires babysitting.

Comment:

Broke $1311 today - confirming the trade as planned. $1311 may get re-tested at Asia/Europe sessions. Keep calm and Good Luck!

Comment:

TP2 got hit in Asia/Europe sessions. Time to secure profits of this trade by putting trailing SL at comfortable level. This second trade was even better than first one.
I still believe gold will hit TP3.
Never let profitable trade to disappear.

Trade closed manually:

Trailing SL got hit. Exited with nice profit. I believe we will be able to make one trade on this idea.

Comment:

The draft idea of the next entry is we should enter on $1311 HOLD or break from the bottom on way up. Confirmation and SAFER entry is at 1320 break upward.
Keep in mind entry below 1320 will be RISKY and so requires babysitting.

Trade active:

Things are quick. Looks like 1311 holds. Entered long.

Comment:

Third attempt to reach original target - $1341. If B point on the chart below doesn't hold - we EXIT and look for another opportunity.

Target prices from original plan is still valid, 1320 and 1341.

Comment:

Got out. Not holding anything until conditions mentioned above happen.

Trade active

Trade active:

Added to yesterday’s early entry. So far looking good. This time TP is 1341+. Confirmation for this target comes with 1320 break.

Comment:

Time to secure profit by placing SL at comfortable level. We targeting 1341 with this move so don’t place it too close.

Comment:

Still holding long position and still targeting $1341. Patience.

Trade closed manually:

SL got hit today with little profit. Will try to re-enter later if gold shoas strength.

Comment:

Re-entered back at $1311.

Trade closed: stop reached:

SL got hit tonight. No position at the moment.

Comment:

I am closing this idea. Two first trades of the bounce were profitable and third one failed with minor loss.

Comment:

Will try one more attempt to enter long on 1301 break up.

Comment:

Waiting for daily close today. IF we get a daily hammer candle we can try early long entry and later add at 1301 (still trading that weekly hammer candle).

Trade active:

Initial early (risky) long position at $1292 based in daily hammer candle forming. Planning to add on $1301 break upward. Targeting $1341+. Tomorrow NFP so no SL but will be watching closely and will exit manually if needed.

Trade active:

Added at $1301.

Trade closed: stop reached:

Break even SL - average from 2 entries got hit. No position right now. Will wait for next opportunity.

Comment:

Price moved below weekly pin. This idea got invalidated so I am closing it. Overall it was positive as money were earned from two first attempts but price haven’t reached the target so cannot say it was successful.