My Firsttttttt actual "Swing Trade"๐ณ.Cant wait to see what happens here. Im planning to hold until either TP1 or SL. Then I shall manage trades accordingly (I stackedddd).This is also my first markup and taken position off of the 4hr chart. I might be in this trade for like 2 weeks but I dont feel like trading anymore anyways unless I see another irresistible and highly probable setup as this one. This trade was just so appealing to me in the fact that I really decided to look at gold a lot different today. Simple technical analysis that I use on FX pairs of course guided most of the love toward this trade but there is just so much more to it. Just to keep this kind of short. I am first of all HEAVILY bullish on XAUUSD/Gold for a few reasons. First reason being technical and that it is in a simple uptrend on the 4hr timeframe. I also spotted an absolutely beautiful inverse head and shoulders. I normally dont just trade off of patterns but this made me even more excited because another confluence! Also knowing that the USD is the counter currency in this pair I looked at the DXY. Heavily bearish on that. Also Amerikkka wilding rn so thats all the fundamental analysis I think I need. RRR is desirable as it sits close enough to a 1:5. Almost! But we shall see how this goes. Im so excited. Ill update soon?
Note: Both shoulders formed on 4HR 9am New York Candle ๐
Note: Both shoulders formed on 4HR 9am New York Candle ๐