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XAUUSD CUP DAN HANDLE PATTERN

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XAUUSD has formed a cup & handle Pattern on its daily chart.
The price is trading above the breakout Breakout: 1808.170
Stop: 1788.499

Targets
62% 1930.601
79%: 1962.026

127% 2057.654
162%: 2124.224

TRADE CHARTS PATTERNS LIKE THE PROS

5 GOLDEN RULES

1: The Trade Setup

The setup is the basic conditions that need to be present in order to even consider a trade.
For example, if you're a chart patterns trader, then a pattern needs to be present.

Your trading plan should define what a tradable chart pattern is (for your strategy).
This will help you avoid trading when a chart pattern isn't there.

Think of the "setup" at your reason for trading.

2: The Trade Trigger

If your reason for trading is present, you still need a precise event that tells you now is the time to trade

There are various methods using a trigger.

A Price action
B Moving averages
C Fibonacci

3: The Stop Loss

Having the right conditions for entry and knowing your trade trigger isn't enough to produce a good trade. The risk on that trade must also be managed with a stop-loss order.

There are multiple ways to place a stop loss.

For long trades, a stop loss is often placed just slightly below a recent swing low and for a short trade just slightly above a recent swing high.

Step 4: The Price Target

You now know that conditions are favourable for a trade, as well as where the entry point and stop loss will go. Next, consider the profit potential.

A profit target is based on something measurable and not just randomly chosen. Chart patterns, for example, provide targets based on the size of the pattern.
Trend channels show where the price has had a tendency to reverse; if buying near the bottom of the channel, set a price target near the top of the channel.

5: The Reward-to-Risk

Strive to take trades only where the profit potential is greater than 1.5 times the risk.

For example, losing $100 if the price reaches your stop loss means you should be making $150 or more if the target price is reached.

I wish you all happy new year,
also i wish this gold trade to be a successful one.

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