XAU/USD LONG

1) Price formed a bullish CHoCH on the 5-minute timeframe before the London breakout. 2) There was a high probability that the price would continue in the same direction after retracing to the Fibonacci level. 3) So, I waited for an entry at the Fibonacci retracement level. 4) The price retraced to the 0.618–0.786 Fibonacci zone and formed a bullish candle on the 1-minute timeframe. 5) I entered the trade once the price closed above the bullish candle, placed my stop-loss below the 0.786 level with an additional buffer, and targeted a 1:2 risk-to-reward ratio.