XAUUSD produced another Bullish Daily candle yesterday. Today’s first H4 candles came out as Bearish candles. However, the price got held by a significant level of Support level. If the level produces an H4 Bullish Engulfing Candle, then an H1 breakout towards the upside would drive gold’s price to make new higher high today. Let us have a look at the H4 XAUUSD chart.
XAUUSD Price Action Analysis – 10th April 2018
See first two H4 candles were Bearish. The level of 1330.55 might come into play and work as a level of Support here. If that happens and we get an H4 Bullish Engulfing candle right on the level, then we would have to wait for an H1 breakout at the level of 1337.55 to take a long entry. At first, an H4 Bullish Engulfing candle and then an H1 breakout would make the price reach the level of 1347.55 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 1337.55
- Stop Loss: 1330.55
- Take Profit: 1347.55
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Most of the pairs had a corrective day yesterday. It suggests that this week might be a slow week. Thus, the traders have to keep their patience and wait for the best opportunities to take their entries. The opportunities will come. In some weeks, the market offers us 6/7 entries whereas, in some weeks, it offers us only 2/3 entries. By looking at the start of this week, it seems we might have to be happy with 2/3 entries this week.
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