Technical analysis by therabbittrades about Symbol PAXG: Buy recommendation (9/27/2024)

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: $2,660.00This 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: $2,650.00Setting the stop loss just below the support zone to manage risk if the price breaks lower.4. Take Profit:Take Profit Price: $2,695.00This target is where liquidity is likely to gather. Our approach to trading towards a new ATH would be to use a trailing stop loss strategy5. 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: $2,650.00Take Profit: $2,695.00If 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.