Good Opportunity to buy XAUUSD in 1 Hr Timeframe

Note: For education purpose only.

Following ideas help develop a long trade bias for XAUUSD in 1 Hr Timeframe.

1. Price in upward trend
2. Price respecting the intersection of two pitchforks A-B-C and 1-2-3 and creating a fractal bullish bar
3. 2nd Degree bullish continual divergence between the current bullish bar and the latest swing low
4. Strong bearish bar just before the bullish bar acting as a candle to create Von Restorff effect (making people believe that Market is going to crash but the reality is contrary.

Entry: 1788
Target: 1806
SL: 1782

Komentarz:

Buyers from the price level were successful only to make price reach 1796. They could not break over 1797.7. And then Price displayed an upper long wick and bullish bar in 8:30 AM (IST) candle. This signifies that buyers don not hold enough strength to reach our Target at 1806. Currently, Price is at 1789. We can close our trade here with a minor profit.

Komentarz:

Opps.. Guys. Target @ 1806 is hit pretty accuratelyyyyyyyyyyyy.