Gold Trade Review: October 3, 2022
My initial bias was to buy if price broke above $1669 but upon watching price action in pre-NY, a nice support was formed which allowed me to keep a small SL so instead of a 1:2 or 1:3 trade, I could achieve a 1:4. That means this trade doesnt have to work too often to be profitable, and with the NY volume and Comex open, I expected price to either break up/down with decent momentum since there has been a lot of recent consolidation, like in pre-london/London session. Entered the trade using partials at 6am, and then entered 2nd position as price retraced. I closed 50% of 1 position as the liquidity grab broke previous candle lows, but re entered once I saw the comex volume continue bullish. Hit TP for a 1:4 RR trade, great start to the week and month. Always grateful. Stay curious!
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