GOLD Trades Idea for Wednesday 08 May 2024

DISCLAIMER
This is not financial advice; you are trading at your own risk. Never risk more than you are willing to lose.

Gold/USD (XAUUSD) Ideas For 08 May 2024

SELL LIMIT Order: $2322.36
Stop Loss: $2330.23
Take Profit 1: $2314.75
Take Profit 2: $2304.62

Risk per trade: 0.5%.
MT4/5 trade expiration: Today

100% mechanical strategy, zero analysis, zero guesswork. Rise and repeat day in and day out.

Reason
The first-hour candlestick closes below 21 EMA, hence our bias is to SELL. We will place 1x SELL LIMIT orders at 38.20%, both stop loss at 0%, take profit 1 at 100% and take profit 2 at 127.20%

Trade Review For 06 May 2024
We are still running this trade, this price almost hit our take profit 2. Nonetheless, we must stick to our strategy and hold this trade until either stop loss or take profit 2 has been hit.

Trade Review For 07 May 2024
Although our direction bias was correct, our limit order did not get trigger in. Let's try again!

May 2024 Trade Results

P&L for the month: +2R

01 May: +0.5R
02 May: +0.5R
03 May: +0.5R
06 May: +0.5R, Running

The year 2024 Trade Results
January: +2.6R
February: +3.35R
March: -2.90R
April: -7.75R