GOLD Trades Idea for Tuesday 07 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 07 May 2024

BUY LIMIT Order: $2307.27
Stop Loss: $2291.60
Take Profit 1: $2322.70
Take Profit 2: $2343.21

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 above 21 EMA, hence our bias is to BUY. We will place 1x BUY 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 03 May 2024
Our Friday trade hit our stop loss at breakeven. We still profited a good 0.5R!

Trade Review For 06 May 2024
Our limit order was triggered early, allowing us to enter before the price surged upward. Fortunately, this trade experienced almost no drawdown and quickly hit our take profit 1. I'm now in a risk-free position, so let's maintain our position until take profit 2! This is the ideal trade scenario for me: hitting full take profit with minimal drawdown. Let's hold and see how it unfolds!

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