Condition 1: Bearish Movement
If the price movement indicates a bearish trend, we can consider entering a short position between the entry points of 1940-1939 after a pullback. Our first take profit level (TP1) could be set between 1910-1905, while TP2, which serves as a target rather than a fixed TP, could be in the range of 1865-1860. It is crucial to identify a logical level as the stop loss (SL) to manage risk effectively.
Condition 2: Bullish Breakout
In the event of a bullish breakout above the 1905-1910 level, we should exercise caution and wait for a retracement before considering a short position. Once the price retraces to the range of 1953-1951, we can enter a short position. The same set of take profit levels mentioned earlier (TP1 and TP2) can be employed. It's important to adhere to a logical SL level to protect against potential losses.
Please note that given the current downtrend, it is advisable to avoid initiating long (buy) positions during these days. Corrections in a downtrend may provide opportunities for short positions.
Remember to conduct your own analysis and adapt the strategy based on market conditions. Trade wisely and use proper risk management techniques.
#XAUUSD #ShortPosition #BearishTrend #TakeProfit #StopLoss #TradingView
If the price movement indicates a bearish trend, we can consider entering a short position between the entry points of 1940-1939 after a pullback. Our first take profit level (TP1) could be set between 1910-1905, while TP2, which serves as a target rather than a fixed TP, could be in the range of 1865-1860. It is crucial to identify a logical level as the stop loss (SL) to manage risk effectively.
Condition 2: Bullish Breakout
In the event of a bullish breakout above the 1905-1910 level, we should exercise caution and wait for a retracement before considering a short position. Once the price retraces to the range of 1953-1951, we can enter a short position. The same set of take profit levels mentioned earlier (TP1 and TP2) can be employed. It's important to adhere to a logical SL level to protect against potential losses.
Please note that given the current downtrend, it is advisable to avoid initiating long (buy) positions during these days. Corrections in a downtrend may provide opportunities for short positions.
Remember to conduct your own analysis and adapt the strategy based on market conditions. Trade wisely and use proper risk management techniques.
#XAUUSD #ShortPosition #BearishTrend #TakeProfit #StopLoss #TradingView
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