This is my analysis and trading plan on XAUUSD i'm looking to long/buy from the 61.80 FIB retracement where the buy is indicated with several confirmations.
1. First confirmation is the double top which has formed at the area of resistance indicating a clear reversal sign with the two red arrow and fib rejection of 0.00 going for a short/sell down to 61.80 FIB to find a support and the second touch on the trend line in turn form a double bottom indicating a clear reversal sign with the two green arrow which will cause a spike up.
2. Second confirmation, the trend is bullish so i patiently wait for my analysis to play out giving me a clear and strong confirmation to buy/long.
RISK/REWARD RATIO @ 1:6
STOP LOSS @ 50 PIPS
TAKE PROFIT 3 @ 329 PIPS
I welcome all comments, feedback, ideas and sharing of knowledge.
Have a great trading week!
Disclaimer: (This is for educational purpose only. Thank You.)
1. First confirmation is the double top which has formed at the area of resistance indicating a clear reversal sign with the two red arrow and fib rejection of 0.00 going for a short/sell down to 61.80 FIB to find a support and the second touch on the trend line in turn form a double bottom indicating a clear reversal sign with the two green arrow which will cause a spike up.
2. Second confirmation, the trend is bullish so i patiently wait for my analysis to play out giving me a clear and strong confirmation to buy/long.
RISK/REWARD RATIO @ 1:6
STOP LOSS @ 50 PIPS
TAKE PROFIT 3 @ 329 PIPS
I welcome all comments, feedback, ideas and sharing of knowledge.
Have a great trading week!
Disclaimer: (This is for educational purpose only. Thank You.)