Thursday 30th September XAU/USD - 4:1 RR

2021年9月30日

This is the last day of thew trading month and also the last day of Q3, I have two trades active for today both with 4:1 risk reward. The first trade is a quick scalp to sell at 1742, with a tight stop loss set at 1744.5, with the TP set at 1736, this is to sell at a major point which needs touching along with gold also cooling down as some intraday trades decide to take profit from their previous buys causing some selling pressure. After this trade I have another gold buy, this is due to it being the last day of the month and quarter as gold begins to retrace and aim for the liquidity above the weekly high at 1747 and upwards. Buy at 1736 with a stop set as shown at 1730, then wait for more buyers to enter the market as shorts cover and gold continues to retrace aiming for that liquidity above 1747. At this point more sellers will enter the market or gold may continue to be bullish up to 1760 area where the pivot point may be tested.
Questions are welcomed