On the Daily Time frame, when you look at this chart, it’s obvious that the Bulls are having a fun time in XAUUSD since early Dec 2019. In the late January 2019, the bulls made new highs but have retraced close to the 20 SMA for Feb. This looks like a possible pullback before the Bulls make another charge for it. So what can we do to approach this trade safely?
How I Became a Consistently Profitable Trader
While we think that they Bulls might make a new upward charge, we have to wait for confirmation and the confirmation will have to come in the form of breaking the previous candle high. The previous bar high is at 1315.45 and that’s where we will place our Buy Stop. We will place the stop loss just right below the 20 Day SMA. Take profit level will be right at the resistance level of 1326.00
- Buy Stop Order: 1315.45
- Stop Loss: 1299.00
- Take Profit: 1323.00
The Secret Strategy used by Legendary Traders
Remember, once executed, you have to manage the trade by making adjustments to your stop loss and maybe sometimes even TP targets. We won’t be updating on these trades anymore once it’s posted. You will have to manage your positions on your own. Good luck.
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