GOLD (GC1!) Early Intraday trade - SHORT

Early morning breakout trade to return to the NEUTRAL pivot.

This is purely a BREAKOUT trade.

Use smaller lot size as this is early in the day.

Looking for a reset of the price after yesterdays price action.

Trade active

Trade has now been entered.

If you want to move your SL slightly above the POC, feel free to do so HOWEVER

As this is an early morning trade, you should be using a smaller lot size and managing risk accordingly

Trade active

Still in my position.

As if 09:00, the previous candle has printed a hanging man candle.

Some of you may note the hanging man candle that was printed on DXY yesterday before it's sell off, so the same applies here

Trade active

SL is above the POC as I suggested a few hours ago.

Trade active

As of 10:50, we have seen a push down. Now you can lower your stop loss to just above the recent wick formation. This will be a whole day hold it appears.

Trade closed manually

CLOSING HERE as I see there is potential for a DXY reversal.

Note

Small profit but it is important to not only make profit, but prevent potential losses.

Note

As you can see with the gold price as of 13:45, this is precisely why we closed the position earlier with a small profit.

The DXY was reversing, so it was safer to close the position instead of risking it and potentially taking a bigger loss.

The main goal of trading is making good trades, it is not just about making profit. The second goal is to protect your profits. After that, then you can prioritise making profit.

Aaron_K_Trading

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Aaron_K_Trading