On July 13 2024, our members got the weekend update chart on XAUUSD calling for the instrument to dip lower which then be followed with a bounce higher. XAUUSD is currently in bullish sequence and our charts clearly shows and advises for members to not sell and instead look for buys.
XAUUSD Elliott Wave Weekend Update July 13 2024
XAUUSD 15 Minute Chart July 14 2024 (Buy/Demand Zone)
XAUUSD 15 Minute Chart July 15 2024 (1:5 RR Target HIT)
XAUUSD 15 Minute Chart July 15 2024 (Watch for another possible rally higher in the demand zone)
Entered the BUY trade July 15 2024 at 2404.60 with stop loss at 2399.32. Gold moved higher and tagged the 1:5RR target at 2431.00 where I closed 1/2 the position for +2.5% (Risking 1% on every trade). Remaining 1/2 position stops were moved to entry and will look for signs of another BUY in the fresh demand zone.
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. If you followed me on social media you too could have caught the XAUUSD move higher.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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