XAU/USD Long - 15/30m - NY Open - Dec 20 2022
2 PFs in this case showed confluence that price might be making another rally up. Downward PF shows that ceilings are being broken and retested which suggests Gold is becoming bullish. Looking at the upwards PF, we can see that floors are being respected included parallels. The upwards PF had parallels (dotted lines) that were also respected in confluence with the downward PF which gave great confidence to take the trade and let it run to TP without partials.
For this trade, we waited until 4h closed as a rejected after the last 4h pushed and closed above a ceiling. With stops below the previous 30m (as this will invalidate the buy), we took a buy and price never looked back. It went on breaking the basing 4h candle which caused an instant jump in price as many traders expected it to continue with this bullish momentum (fairly quick 1:2 trade).
No partials taken throughout the trade and a 10% runner was left to take advantage of any more jumps in price, especially since the daily and weekly suggest that price can continue bullish breaking out of the current horizontal channel. Total TP set for 1835 in accordance with the bullish PF next major ceiling with SL at BE.
For this trade, we waited until 4h closed as a rejected after the last 4h pushed and closed above a ceiling. With stops below the previous 30m (as this will invalidate the buy), we took a buy and price never looked back. It went on breaking the basing 4h candle which caused an instant jump in price as many traders expected it to continue with this bullish momentum (fairly quick 1:2 trade).
No partials taken throughout the trade and a 10% runner was left to take advantage of any more jumps in price, especially since the daily and weekly suggest that price can continue bullish breaking out of the current horizontal channel. Total TP set for 1835 in accordance with the bullish PF next major ceiling with SL at BE.