Technical analysis by therabbittrades about Symbol PAXG: Buy recommendation (10/2/2024)

Based on the charts, here's a new trade idea:Trade Setup: Intraday Long Trade (Buy)1. Fractals and Trend Direction:1D Chart: The overall trend remains bullish, but there’s a minor pullback from the recent highs. There is still strength in the market, and it's at an important support zone.1H Chart: The price is consolidating and forming higher lows. The last fractal low is around the $2,645 level, signaling a potential bullish continuation.2. Entry Price:Buy Limit Order: $2,650.00 This is close to a confluence level of support (previous low and Fibonacci retracement). If the price dips to this level, it's likely to bounce, offering a good risk/reward ratio.3. Stop Loss:Stop Loss Price: $2,640.00 This level is below the previous fractal low on the 1H chart, providing a tight risk while allowing enough room for minor fluctuations.4. Take Profit (Reward-Risk Ratio of 2.5):Take Profit Price: $2,675.00 This target is set just below a resistance level from the recent high. It's also near a liquidity zone where sellers may enter, making it an ideal point for taking profits.5. Risk-to-Reward Ratio:Risk: $10 per ounce (from $2,650.00 to $2,640.00).Reward: $25 per ounce (from $2,650.00 to $2,675.00).Risk-to-Reward Ratio: 1:2.5, which is favorable.6. Trailing Stop-Loss Strategy:Initial Stop Loss: $2,640.00.If the price reaches $2,660.00, move the stop loss to break even at $2,650.00.Once the price hits $2,665.00, adjust the stop loss to $2,660.00 to lock in profits.Continue trailing the stop loss by $5 increments to protect profits as the price moves toward $2,675.00.8. Volatility Consideration:Recent price action has shown volatility swings of around $20-$30. This setup adjusts for this volatility, with a $10 stop loss and $25 target, ensuring the trade is not too tight.Final Trade Details:Entry Price: $2,650.00 (Buy Limit)Stop Loss: $2,640.00Take Profit: $2,675.00If the price breaks below $2,640.00, the trade idea will be invalidated.We have shifted our SL to BE