XAUUSD 19 September 2024
Here is a new intraday trade idea for **Gold Spot (XAU/USD)**:
**Market Overview**:
1. **Fractals**:
- The 1D chart shows a recent pullback after a bullish surge, potentially creating a **retracement opportunity**.
- The 1H chart highlights a strong rejection from a high, suggesting possible retracement to a key support area.
2. **Trend**:
- The higher timeframe (1D) is showing an overall **bullish** trend, and the 1H chart reflects a short-term pullback within this trend.
- The current price is nearing **support zones** identified from both the daily and hourly charts, presenting a potential opportunity for a bounce.
### **Trade Setup: Buy (In Line with the Major Bullish Trend)**
#### **Entry Point**:
- **Entry Price**: Place a **limit buy order** at **$2,550.00**.
- This level sits within a **support zone** indicated on the 1H chart and a Fibonacci retracement level from the recent bullish swing. It represents a potential confluence of price support, where a bounce may occur.
#### **Stop Loss**:
- **Stop Loss**: Set at **$2,540.00**.
- This stop loss is below the key support zone and provides sufficient protection from downside risk.
#### **Take Profit (Target)**:
- **Target**: **$2,575.00**.
- This level is close to a recent high, where high liquidity is expected. The price may face resistance at this point, making it a logical target for an intraday trade.
#### **Risk/Reward Calculation**:
- **Risk**: $10 per ounce (from **$2,550.00** to **$2,540.00**).
- **Reward**: $25 per ounce (from **$2,550.00** to **$2,575.00**).
- **Risk-to-Reward Ratio**: **1:2.5** — This provides a favorable risk-reward opportunity.
#### **Trailing Stop Loss**:
1. **Initial Stop-Loss**: Set at **$2,540.00** when the trade is triggered.
2. **Move to Break-even**: Once the price reaches **$2,560.00**, adjust the stop loss to the entry price of **$2,550.00** to eliminate risk.
3. **Trail Stop**: As the price moves toward **$2,570.00**, trail the stop loss to **$2,560.00** to lock in profits.
4. **Final Adjustment**: If the price reaches **$2,573.00**, move the stop to **$2,565.00** to secure most of the profit.
### **Final Trade Details**:
- **Buy** at **$2,550.00** (limit order).
- **Stop Loss**: **$2,540.00**.
- **Take Profit**: **$2,575.00**.
---
This trade idea is designed to take advantage of the current retracement in line with the major trend, providing a solid risk-to-reward ratio for an intraday setup. Adjustments to the stop-loss levels are outlined to protect your gains and reduce risk as the trade progresses.
**Market Overview**:
1. **Fractals**:
- The 1D chart shows a recent pullback after a bullish surge, potentially creating a **retracement opportunity**.
- The 1H chart highlights a strong rejection from a high, suggesting possible retracement to a key support area.
2. **Trend**:
- The higher timeframe (1D) is showing an overall **bullish** trend, and the 1H chart reflects a short-term pullback within this trend.
- The current price is nearing **support zones** identified from both the daily and hourly charts, presenting a potential opportunity for a bounce.
### **Trade Setup: Buy (In Line with the Major Bullish Trend)**
#### **Entry Point**:
- **Entry Price**: Place a **limit buy order** at **$2,550.00**.
- This level sits within a **support zone** indicated on the 1H chart and a Fibonacci retracement level from the recent bullish swing. It represents a potential confluence of price support, where a bounce may occur.
#### **Stop Loss**:
- **Stop Loss**: Set at **$2,540.00**.
- This stop loss is below the key support zone and provides sufficient protection from downside risk.
#### **Take Profit (Target)**:
- **Target**: **$2,575.00**.
- This level is close to a recent high, where high liquidity is expected. The price may face resistance at this point, making it a logical target for an intraday trade.
#### **Risk/Reward Calculation**:
- **Risk**: $10 per ounce (from **$2,550.00** to **$2,540.00**).
- **Reward**: $25 per ounce (from **$2,550.00** to **$2,575.00**).
- **Risk-to-Reward Ratio**: **1:2.5** — This provides a favorable risk-reward opportunity.
#### **Trailing Stop Loss**:
1. **Initial Stop-Loss**: Set at **$2,540.00** when the trade is triggered.
2. **Move to Break-even**: Once the price reaches **$2,560.00**, adjust the stop loss to the entry price of **$2,550.00** to eliminate risk.
3. **Trail Stop**: As the price moves toward **$2,570.00**, trail the stop loss to **$2,560.00** to lock in profits.
4. **Final Adjustment**: If the price reaches **$2,573.00**, move the stop to **$2,565.00** to secure most of the profit.
### **Final Trade Details**:
- **Buy** at **$2,550.00** (limit order).
- **Stop Loss**: **$2,540.00**.
- **Take Profit**: **$2,575.00**.
---
This trade idea is designed to take advantage of the current retracement in line with the major trend, providing a solid risk-to-reward ratio for an intraday setup. Adjustments to the stop-loss levels are outlined to protect your gains and reduce risk as the trade progresses.
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