Hello traders!!!
We welcome you to the Marvel Traders Hub and to a blessed week ahead.
Today, we will be sharing with you a position we entered on the #XAUUSD which is called "gold" in the market, it was a win for the day and we are glad to share the processes we used during the section with you and to as well journal it for feature references.
During the early hour of the day around 22:00 UTC+0 when the market opened, we saw a huge bearing momentum candle. Looking at the 15m chart below, you gonna see how long it was.
Before the market open, we already highlighted our demand zone on the 1h time-frame (tf) which you can also see on the screenshot below 👇.
And upon the market open, we saw that bearish movement which we showed you earlier. When prices got to our Point of interest (POI), going to the 15m you are going to see some candle stick formations showing weakness of the bears in the market.
Some persons would have entered the market from the first pin bar candle that was formed in the market at 23:00 UTC+0 around 4,683.64 level/price. But we waited for more confirmation which you can see on the video.
The morning star candle stick pattern that was our final confirmation before entering for a long at 4,680.17 our stop loss (sl) at 4,669 and we targeted a 1:4 Risk Reward (RR) which aligned with a liquidity zone resting above.
It was a win for us on the trade and a blessing for the week open.
Let's keep our eyes on the chart as we learn more and master our strategy.
- All screenshots are from our trading view PC.
- The thumbnail was auto generated using the 3speak.tv web
- You can click on our live trading view chart
▶️ 3Speak
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