Thought i'd share with you my idea behind my Gold trade.
Running nicely in profit and first TP taken. So first off on the 1hr TF we found a nice support line where recent price has reacted so obviously this peaked our interest when price started to come back to this level. Dropping into the smaller TF's being the 15min chart. We could see a stucture level forming where price was struggling to break through. So when we had the bearish candle closure where the arrow points this was our signal to enter.
Marked out down the chart is our TP1, ideal final TP and of course now we have hit our first target our stop loss for the remainder of the trade is now in profit so if price hits a massive reversal then we will still make money.
You should only enter a trade if you know where you want to exit. If you're guessing then you shouldn't be entering the trade to start with.
If you have any questions just let me know :)
Running nicely in profit and first TP taken. So first off on the 1hr TF we found a nice support line where recent price has reacted so obviously this peaked our interest when price started to come back to this level. Dropping into the smaller TF's being the 15min chart. We could see a stucture level forming where price was struggling to break through. So when we had the bearish candle closure where the arrow points this was our signal to enter.
Marked out down the chart is our TP1, ideal final TP and of course now we have hit our first target our stop loss for the remainder of the trade is now in profit so if price hits a massive reversal then we will still make money.
You should only enter a trade if you know where you want to exit. If you're guessing then you shouldn't be entering the trade to start with.
If you have any questions just let me know :)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.