XAU/USD Long-Term Trend: Bullish
Key Resistance Levels: 1844.61, 1852.39, 1855.71
Key Support Levels: 1825.19, 1815.33, 1798.13
The price on the higher time frame posted a double bottom which led to a reversal and a move upward. It entered into a parallel channel where it broke to the upside with a big bodied bullish candlestick showing that the bulls are in control.
XAU/USD Medium-Term Trend: Bullish
On the lower time frame, the gold is traded inside a bullish channel formation where we expect a lower correction to the lower end of the channel before a rally to the upside in the same direction of the main trend.
Buy Limit Order @ 1830.18
TP 1 @ 1844.22
TP 2 @ 1844.61
Stop Loss @ 1824.48
Trade Safely 🙂
Is this trade still valid?
I was not able to place it as a Buy Limit, but as a Buy Stop, so that might not be as you intended it.
Also, why are both TP’s so incredibly close to each other? Those micro-pips are not offering any substantial extra profit or am I missing something?