XAUUSD – Trade Entry Journal
Fundamental Context:
Fundamentally, the US dollar is very strong in the short term, and monetary policy remains relatively stable. This environment has kept gold price ranging between 4346 and 4281.
Technical Context:
Technically, price reached a resistance zone, rejected it, and then returned to retest the rejection area several times. This behavior suggests a potential reversal move to continue the range.
As additional confirmation, a CHoCH formed, leaving behind an order block within the resistance zone and an imbalance inside the rejection area. Price reacted clearly to this imbalance, printing long wicks before creating a small bearish impulse.
After the impulse, price retraced, and I applied Fibonacci retracement on the move to identify a high-probability entry between the 0.5 – 0.6 Fibonacci levels, which aligned perfectly with the CHoCH level where I entered the position.
Execution Plan:
This is a position that may take time to reach the take profit. Additionally, there are economic announcements scheduled around 13:00, which could change market conditions. As a result, my confidence is reduced, and I will apply strict and disciplined position management to avoid surprises.
Bias: Range / Bearish continuation within the range
Confidence level: 60%
Fundamental Context:
Fundamentally, the US dollar is very strong in the short term, and monetary policy remains relatively stable. This environment has kept gold price ranging between 4346 and 4281.
Technical Context:
Technically, price reached a resistance zone, rejected it, and then returned to retest the rejection area several times. This behavior suggests a potential reversal move to continue the range.
As additional confirmation, a CHoCH formed, leaving behind an order block within the resistance zone and an imbalance inside the rejection area. Price reacted clearly to this imbalance, printing long wicks before creating a small bearish impulse.
After the impulse, price retraced, and I applied Fibonacci retracement on the move to identify a high-probability entry between the 0.5 – 0.6 Fibonacci levels, which aligned perfectly with the CHoCH level where I entered the position.
Execution Plan:
This is a position that may take time to reach the take profit. Additionally, there are economic announcements scheduled around 13:00, which could change market conditions. As a result, my confidence is reduced, and I will apply strict and disciplined position management to avoid surprises.
Bias: Range / Bearish continuation within the range
Confidence level: 60%
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