GOLD Trades Idea for Monday 06 May 2024

6 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 06 May 2024

BUY LIMIT Order: $2293.91
Stop Loss: $2277.09
Take Profit 1: $2310.47
Take Profit 2: $2332.50

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 01 May 2024
Our 01 May trade managed to hit take profit 1 but hit our stop loss at break even, still a good win overall!

Trade Review For 02 May 2024
Our Thursday trade also ends at take profit 1, before reversing almost immediately. Fortunately, I setup a price alert on the Tradingview app to alert me to take profit and shift stop loss to breakeven. If not this trade could have been in a loss.

Trade Review For 02 May 2024
Friday was an important day because of FOMC US data. We trigger in our trade and hit take profit 1 all within an hour. This trade is currently running risk free now! Let's hope this trade can hit final take profit!

May 2024 Trade Results

P&L for the month: +1.5R

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

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