XAUUSD Technical Analysis, Scenario 1 and Scenario 2

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DISCLAIMER: Take at your own risk. Past results does not reflect future results. Please use PROPER MONEY MANAGEMENT. IF IN DOUBT, GET OUT.

XAUUSD

Analysis:
Daily TF: Daily Trend is an UPTREND and is above 50 MA. Previous Day Candle is Spinning Top, Market is in tug of war, no clear indication of where it will go. Daily Fib indicates that it hit and area where BULLS would potentially push the market up. Price Action hit "Daily Support 1" which was tested Aug/23/2011 and Sep/06/2011 where in both occasions the BEARS pushed the market down. There was previous consolidation from Jul/08/2020 to Jul/17/2020 in the range of 1787.60 to 1814.80 in which the BULLS pushed the market up after Jul/17/2020. This area is now a Price Reversal Zone which means that if BEARS take the price to this levels, potentially BULLS will resist and push the market up.

4H TF: 4H Trend is starting to look like a DOWNTREND and is below 50 MA. 4H Fib is showing that it hit an area where Bears would potentially push the market down further. However, there is potential Divergence in this 4H TF as the slow line (MACD LINE) is curving and histogram is showing a slowed momentum from BEARS.

1H TF: 1H Trend is a DOWNTREND, is below 50 MA and approaching the 50 MA curve. 1H TF has a Bullish Pennant Flag with a Flat Top. This indicates that BULLS are pushing the market up to a certain extent before the BEARS take over with lower volume.

Breakout Strategy:

Scenario 1: BULLS push market up,
Buy Stop: Entry: 1950.50, SL: 1929.20, TP3: 12035.90, TP2: 1979.90, TP1: 1959.00

Scenario 2: BEARS push market down,
Sell Stop: Entry: 1906.00, SL: 1934.50, TP3: 1807.00, TP2: 1845.70, TP1: 1884.00

These values are from my own analysis. You can move SL around to what you are comfortable with. Use proper Money Management. Beginners to note XAUUSD is per tick not per pip, so 1 tick is 0.01 for lot size 0.01. If you don't have proper management, don't take this trade. IF YOU IN DOUBT, GET OUT.
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Previous day candle shows that the BULLS won the Day ending with a BULLISH BELT to indicate potential BULLISH rally.
Đóng lệnh: dừng lỗ
Did a moving stop loss and got stopped in profit. Always move your stops to profit when you see a retrace area and goes back to the direction of the trade. Right now, gold, US30 and S&P500 are all on a sell.
Beyond Technical AnalysisbeyondtechnicalanalysisbullsvsbearsChart Patternsconsolidation-breakoutmacddivergencemultitimeframeanalysisTechnical AnalysisTrend AnalysisXAUUSD

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