Gold (XAUUSD)Long
Gold 4H Buy Setup
On this 4-hour Gold (XAU/USD) chart, I’ve identified a potential buying opportunity at the Point of Interest (POI), but I’ll only enter after getting clear confirmation.
My Observations
1. Market Structure Shift:
There’s a Change of Character (CHoCH) on the chart, suggesting a potential shift from bearish to bullish momentum. This gives me a reason to start looking for buying opportunities, but I’ll wait for the market to confirm it’s ready to go higher.
2. Discount and Premium Zones:
The price has retraced into the Discount Zone, which is where I prefer to look for buy entries. It’s always better to buy low (discount) and aim for the higher zones (premium), but I won’t rush into it until I see evidence that the buyers are stepping in.
3. Point of Interest (POI):
The POI I’ve marked aligns perfectly with a key support area, and I suspect it’s a level where big players might step in. I’m watching this zone closely for a reaction. If I see bullish confirmation, that’s where I’ll look to get involved.
4. Key Levels for Confluence:
The Daily Key Level at 2,598.79 adds strong support below the POI, and the upper Daily Key Level at 2,661.17 is a great target area for potential profit-taking. The current price (2,628.06) is approaching my POI, so now it’s a waiting game.
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My Plan
Entry:
I’ll buy only if the price gives me solid confirmation at the POI (around 2,627.18). This could be something like a bullish candlestick pattern, a lower timeframe structure break, or rejection wicks showing strong buying interest. No confirmation, no trade.
Stop Loss:
I’ll place my stop loss below the POI or the daily key level at 2,598.79, just to account for potential fakeouts.
Take Profit:
My first target will likely be the Daily Key Level at 2,661.17, but I’ll also be keeping an eye on the Premium Zone above that for extended profits.
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Why This Setup Makes Sense
The CHoCH suggests buyers might be taking over.
The price is in the Discount Zone, giving me a good risk-to-reward setup.
The POI and key levels below provide strong support and confluence.
By waiting for confirmation, I avoid getting caught in a potential fakeout.
For now, I’m just watching and staying patient. If the price gives me what I need at the POI, I’ll be ready to jump in.
My Observations
1. Market Structure Shift:
There’s a Change of Character (CHoCH) on the chart, suggesting a potential shift from bearish to bullish momentum. This gives me a reason to start looking for buying opportunities, but I’ll wait for the market to confirm it’s ready to go higher.
2. Discount and Premium Zones:
The price has retraced into the Discount Zone, which is where I prefer to look for buy entries. It’s always better to buy low (discount) and aim for the higher zones (premium), but I won’t rush into it until I see evidence that the buyers are stepping in.
3. Point of Interest (POI):
The POI I’ve marked aligns perfectly with a key support area, and I suspect it’s a level where big players might step in. I’m watching this zone closely for a reaction. If I see bullish confirmation, that’s where I’ll look to get involved.
4. Key Levels for Confluence:
The Daily Key Level at 2,598.79 adds strong support below the POI, and the upper Daily Key Level at 2,661.17 is a great target area for potential profit-taking. The current price (2,628.06) is approaching my POI, so now it’s a waiting game.
---
My Plan
Entry:
I’ll buy only if the price gives me solid confirmation at the POI (around 2,627.18). This could be something like a bullish candlestick pattern, a lower timeframe structure break, or rejection wicks showing strong buying interest. No confirmation, no trade.
Stop Loss:
I’ll place my stop loss below the POI or the daily key level at 2,598.79, just to account for potential fakeouts.
Take Profit:
My first target will likely be the Daily Key Level at 2,661.17, but I’ll also be keeping an eye on the Premium Zone above that for extended profits.
---
Why This Setup Makes Sense
The CHoCH suggests buyers might be taking over.
The price is in the Discount Zone, giving me a good risk-to-reward setup.
The POI and key levels below provide strong support and confluence.
By waiting for confirmation, I avoid getting caught in a potential fakeout.
For now, I’m just watching and staying patient. If the price gives me what I need at the POI, I’ll be ready to jump in.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.