XAUUSD Bearish channel with entry point!

19 Agu 2023

I entered a short position on XAU/USD after noticing a significant break of a swing low at the 1896 level, further supported by a bearish channel on gold. My trade involves an entry at a supply zone at the 1902 level on the H4 timeframe, where we have a box containing the last buying orders before the major sell-off that led to the break of the H4 swing low. I've placed the stop above the last swing high, and the take profit is set at a 1:1.4 risk-reward ratio, at the 1882 level – just below a hypothetical market liquidity grab under the bearish channel. Let me know your thoughts. Have a good day and happy trading to everyone.