XAUUSD today analysis - trade max 8 hours

2022年8月29日

This analysis is for self-assessment

Today I am taking an open position on long as the setup has been confirmed at 1h timeframe with reasons broken down below

A. Price Action
- the price bounced back upwards when it touched the price of 1719.37 which makes it as the support level

-> To confirm that the price will move upwards, two indicators are used for the purpose of leading indicator (predictive) and lagging indicator (historical)

B. Historical indicator
- MACD - The MACD created a bullish crossover

C. Predictive indicator
- RSI - The RSI line has touched the oversold line and it creates a bullish crossover

Trade plan
OP: 1726.19
Stop loss: at the support level - 1719.37
TP ratio: 1.51 which is at the price of - 1736.27
Note: Mark the OP price at 1hr timeframe, zoom out to 4h for TP ratio adjustment

2022年8月29日

交易开始

The OP has been opened prior publishing this idea

2022年8月29日

交易结束：到达目标

To be honest, I was quite surprised with the result as it takes within an hour. This might mark a good step for my trading setup tuning

Factors that are involved:
- patience in waiting all indicators give the same direction
- Awareness of any upcoming news that might affect the price movement