Technical analysis by MuhammadArif039 about Symbol PAXG: Sell recommendation (8/29/2024)

Hi Followers, I have tested this strategy twice on Gold on 4H and 1H time frame and it worked for both of them so I am testing it again and recording it this time. So, many of you might aware of Bollinger Band, it consist of 3 lines (Upper, Mean, Lower). Whenever the trend touches the upper or lower band it retraces or gets sideways towards the mean. Stochastic indictor is an oscillating indicator and I have used some different setting of it (5, 3, 3). So, the strategy is that whenever the trend tests the upper band and Stochastic indicator should be between 70 & 80, with proper risk management, execute a short trade @ CMP (Current Market Price - Market Execution) with TP set to the mean (middle line). Why TP set to middle line (mean), reason explained above. As it is a test I have kept a very low RR as I am testing this strategy on my real funded account for the 3rd time. The Signal is:EP: CMP (2520.21 then)SL: 2530.18 - Above the wick of the candle testing the upper Bollinger bandTP: 2513.60Enjoy.TP HIT