Backtest - XAUUSD
After maintaining an H4 structural level, we proceeded to see a higher low formed to indicate bullish sentiment in the market.
The fib retracement tool was used to find the potential profit target area usinf the -27% fib.
Then when scaled down to the m15, there was another structural break with bullish engulfing formation. This was the opportunity to enter the long position with the SL below structural point and proper target.
This resulted in about a 1:3 RR for this trade.
The fib retracement tool was used to find the potential profit target area usinf the -27% fib.
Then when scaled down to the m15, there was another structural break with bullish engulfing formation. This was the opportunity to enter the long position with the SL below structural point and proper target.
This resulted in about a 1:3 RR for this trade.
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