GOLD goes sideway to celebrate the New Year
Scenario 1: Sell Trade
Idea: Wait for the price to reach the FVG H1 or Supply Zone and confirm a bearish reversal before entering a sell trade.
Entry Point:
Sell within the range of 2,631 - 2,643 (inside the FVG H1).
Look for bearish reversal candlestick patterns such as Doji, Shooting Star, or Bearish Engulfing.
Stop Loss (SL):
Place the SL above the Supply Zone at 2,665 to protect against a breakout.
Take Profit (TP):
Target 1: 2,621 (Demand H1, nearest support).
Target 2: 2,616 - 2,596 (Lower Demand Zone, stronger support).
Risk-to-Reward Ratio (R:R):
For Entry at 2,640 and SL at 2,665:
TP1: R:R ~ 2.0.
TP2: R:R ~ 3.6.
Scenario 2: Buy Trade
Idea: Wait for the price to drop into the Demand H1 or lower Demand Zone for a buying opportunity when bullish reversal signals appear.
Entry Point:
Buy within the range of 2,621 - 2,616 (Demand H1).
If the price breaks this zone, wait for it to reach 2,596 - 2,584 (Lower Demand Zone).
Stop Loss (SL):
Place the SL below the Demand Zone at 2,582 to safeguard against further drops.
Take Profit (TP):
Target 1: 2,631 (Fibonacci 0.5 level and FVG H1).
Target 2: 2,643 - 2,650 (next resistance area).
Risk-to-Reward Ratio (R:R):
For Entry at 2,621 and SL at 2,582:
TP1: R:R ~ 2.5.
TP2: R:R ~ 4.5.
Key Notes:
Signal Confirmation: Use additional indicators like RSI (to confirm overbought/oversold levels) or MACD (to validate momentum).
Risk Management: Risk no more than 1-2% of your capital per trade.
Price Action Monitoring: Observe closely how the price reacts at the supply and demand zones to make informed decisions.
Idea: Wait for the price to reach the FVG H1 or Supply Zone and confirm a bearish reversal before entering a sell trade.
Entry Point:
Sell within the range of 2,631 - 2,643 (inside the FVG H1).
Look for bearish reversal candlestick patterns such as Doji, Shooting Star, or Bearish Engulfing.
Stop Loss (SL):
Place the SL above the Supply Zone at 2,665 to protect against a breakout.
Take Profit (TP):
Target 1: 2,621 (Demand H1, nearest support).
Target 2: 2,616 - 2,596 (Lower Demand Zone, stronger support).
Risk-to-Reward Ratio (R:R):
For Entry at 2,640 and SL at 2,665:
TP1: R:R ~ 2.0.
TP2: R:R ~ 3.6.
Scenario 2: Buy Trade
Idea: Wait for the price to drop into the Demand H1 or lower Demand Zone for a buying opportunity when bullish reversal signals appear.
Entry Point:
Buy within the range of 2,621 - 2,616 (Demand H1).
If the price breaks this zone, wait for it to reach 2,596 - 2,584 (Lower Demand Zone).
Stop Loss (SL):
Place the SL below the Demand Zone at 2,582 to safeguard against further drops.
Take Profit (TP):
Target 1: 2,631 (Fibonacci 0.5 level and FVG H1).
Target 2: 2,643 - 2,650 (next resistance area).
Risk-to-Reward Ratio (R:R):
For Entry at 2,621 and SL at 2,582:
TP1: R:R ~ 2.5.
TP2: R:R ~ 4.5.
Key Notes:
Signal Confirmation: Use additional indicators like RSI (to confirm overbought/oversold levels) or MACD (to validate momentum).
Risk Management: Risk no more than 1-2% of your capital per trade.
Price Action Monitoring: Observe closely how the price reacts at the supply and demand zones to make informed decisions.
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