Gold minor correction for uptrend. Trade setup with Buy Stop position (EP) at 1344, Stop Loss (SL) at 1329 and Take Profit (TP) at 1354.
Money Management
I have 20,800 USD in my portfolio. I can lose 10% of the port which is 2,080 USD.
Position Sizing
1 Tick = $100
1 Contract size need IM = $3,850 (I can open not more than $20,800 / $3,850 = 5.40 Cons)
It is 15 Tick from EP to SL, with 1 Con, I will lose 15 * $100 = $1,500
To lose 2,080 USD I need to open 2,080 / 1,500 = 1.38 Con
Then I will put 1 Contract
If I win, I will gain (1354 - 1344) * $100 * 1 Con = $1,000
Money Management
I have 20,800 USD in my portfolio. I can lose 10% of the port which is 2,080 USD.
Position Sizing
1 Tick = $100
1 Contract size need IM = $3,850 (I can open not more than $20,800 / $3,850 = 5.40 Cons)
It is 15 Tick from EP to SL, with 1 Con, I will lose 15 * $100 = $1,500
To lose 2,080 USD I need to open 2,080 / 1,500 = 1.38 Con
Then I will put 1 Contract
If I win, I will gain (1354 - 1344) * $100 * 1 Con = $1,000
Trade active:
Entry Point at 1344
Trade closed: target reached