Candlestick Patterns: - Recent Uptrend: The chart shows a significant uptrend starting from July 2nd to July 4th. - Price Consolidation: Following the uptrend, there was a period of consolidation with prices forming a triangle pattern. - Downtrend and Recovery: A sharp downtrend occurred, followed by a recovery attempt which is now in another consolidation phase.
Key Observations: 1. Resistance at TP 1 ($2,379.694): The price faced resistance around the $2,379.694 level and has not been able to break through. 2. Support at LQZ ($2,356.635): This level has provided significant support and could be a potential entry point if the price tests this level again. 3. Current Position: The price is currently trading around $2,364.525, which is below the key resistance levels and above the support levels, indicating a range-bound movement.
Lecture on Using Proper Risk Management
Risk management is crucial for successful trading. Here are key principles to ensure proper risk management:
1. Determine Risk Tolerance: Understand your risk tolerance and set a percentage of your capital that you are willing to risk on each trade. Commonly, traders risk 1-2% of their capital per trade.
2. Set Stop Losses: Always use stop losses to limit potential losses. For the current XAU/USD scenario, a stop loss could be placed slightly below the LQZ support level at $2,356.635.
3. Position Sizing: Calculate your position size based on your risk tolerance and stop loss level. For instance, if you have $10,000 and are willing to risk 2% ($200), and your stop loss is $10 away from the entry price, your position size would be 20 units.
4. Risk-Reward Ratio: Aim for a favorable risk-reward ratio. A common target is a 1:3 ratio, meaning you aim to make three times the amount you risk.
5. Diversification: Avoid putting all your capital into a single trade or asset. Spread your investments across different assets to mitigate risk.
Conclusion
For an in-depth analysis, make sure to watch the rest of the stream where I cover: - TSLA (Tesla) - DXY (US Dollar Index) - BTC (Bitcoin) - US30 (Dow Jones Industrial Average)
Help you better understand your personal risk tolerance
Guide you through emotionally charged decisions
Improve your overall trading confidence and performance
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