XAUUSD 126 Pips Trade Idea Breakdown (2nd April 2024)

XAUUSD Trade Idea Breakdown

Price created bullish 15 minute structure, creating higher highs and higher lows, when price created a 5 minute bearish change of character, Price retraced into the 15 minute OB, and respected it.

Once price tested the 15 minute OB, price created a 5 minute BULLISH Change of Character. this means price should continue to go up in alignment with the higher timeframe.

One additional Confirmation was that price continued to created a break of structure on the 5 minute of a lower high. So once price broke bullish above the bearish doji after the NYSE Open, I took a risky BUY Trade idea with SL at 2550 which covers a 5 minute orderblock as our line of defence, target at a 1:2 RR, taking major partials at the all time high at 2292