Based on the analysis of the charts, here’s a potential trade idea:

Trade Setup: Long (Buy)
1. Fractals Analysis:
Daily Chart (1D): The daily chart shows the price in an uptrend, consistently making higher highs and higher lows. The current price is around a key resistance level of $2,680.
1H Chart: The 1-hour chart shows a pullback from a recent high, creating a lower high, which might suggest a short-term correction. However, the major trend on the daily is bullish, which indicates the best trades are likely in the direction of the main trend (buying the dips).

2. Entry Price:
Buy Limit Order: $2,660.00
This level is near a Fibonacci retracement zone and a support level. It's a low-risk entry point based on confluence (previous support, Fibonacci level, and fractals showing potential for a bounce).

3. Stop Loss:
Stop Loss Price: $2,650.00
Setting the stop loss just below the support zone to manage risk if the price breaks lower.

4. Take Profit:
Take Profit Price: $2,695.00
This target is where liquidity is likely to gather. Our approach to trading towards a new ATH would be to use a trailing stop loss strategy

5. Risk-to-Reward Ratio:
Risk: $10 per ounce (from $2,660.00 to $2,650.00).
Reward: $35 per ounce (from $2,660.00 to $2,695.00).
Risk-to-Reward Ratio: 1:3.5, which is excellent for an intraday trade.

6. Trailing Stop-Loss Strategy:
Once the price moves above $2,670.00, adjust the stop-loss to $2,660.00 to reduce risk to zero.
As the price approaches $2,680.00, move the stop-loss to $2,670.00 to lock in profit.
Continue trailing by $10 as the price moves higher, locking in profits as the trade progresses.

Final Trade Details:
Entry Price: $2,660.00 (Buy Limit)
Stop Loss: $2,650.00
Take Profit: $2,695.00

If the price continues to consolidate or break below $2,650.00, it would indicate that the trade idea is invalid and no position should be taken.
Chart PatternsTrend Analysis

Penafian