Long position on XAUUSD with 1 hour chart for 20/04/2023

Date - 20/04/2023

Position - Long position, XAUUSD (GOLD)

A golden cross has started to form on STOCH indicator. ADX and +DMI started to rise while -DMI started to decline. Based on STOCH and ADX a long position is placed. No obvious movement from RSI and MACD indicators. Placed a buy order (1 lot) at 1995.98, placed a stop loss at 1991.78 and placed a take profit at 2004.51. If stop loss is triggered I will incurred a loss of 420; if take profit is triggered I will profit 853.

Please refer to my TradingView link for the risk/reward ratio.

https://www.tradingview.com/chart/GOLD/mElnmy1l-Long-position-on-XAUUSD-with-1-hour-chart/

Note: The above intraday strategy is updated in real-time and may change due to market fluctuations, rendering the strategy ineffective. The above content is for reference and learning purposes only and does not constitute any investment advice. Investment carries risks, and caution is advised when entering the market.