Okay, guys. Like stated in the last idea I am out from mid/long term trading and moving back to intraday trading. This way I am getting ready for the challenge, and this is the trading style that will be used 99% of the time.
1246 seems to be very strong level and I would execute a long trade there.
The first target would be 1351 second would be 1354 and last one in this swing would be 1357.
But 1246 is dynamic level and if broken price usually tends to go that way. Meaning if 1346 is broken downwards I would wait for the price to come back to 1346 close the long trade at BE and most probably I would execute a short trade because even if price pulls back up after breaking 1346 it will tend to go back down.
Then the targets would be 1340 and 1335.
Since the first move after open is important we have more options possible in development.
If Price Travels up to 1351 - 1354 area first then it should be a clear sell setup!
If So I would execute a trade at 1351, 1354 and 1357 with no Stop Loss. It is rare if the price does so and goes to upside targets first without touching dynamic level, but if happens it is a very great setup that can be taken with no Stop Loss in most cases!
If so my target would be 1346 - 1340.
Let's see which option we will have.
P.S when the challenge will be open you will see how it is traded instantly and you won't have many questions. While I am not ready to go live, I am just explaining options I keep in mind and what action I would take on the levels given.
Trade with care.
1246 seems to be very strong level and I would execute a long trade there.
The first target would be 1351 second would be 1354 and last one in this swing would be 1357.
But 1246 is dynamic level and if broken price usually tends to go that way. Meaning if 1346 is broken downwards I would wait for the price to come back to 1346 close the long trade at BE and most probably I would execute a short trade because even if price pulls back up after breaking 1346 it will tend to go back down.
Then the targets would be 1340 and 1335.
Since the first move after open is important we have more options possible in development.
If Price Travels up to 1351 - 1354 area first then it should be a clear sell setup!
If So I would execute a trade at 1351, 1354 and 1357 with no Stop Loss. It is rare if the price does so and goes to upside targets first without touching dynamic level, but if happens it is a very great setup that can be taken with no Stop Loss in most cases!
If so my target would be 1346 - 1340.
Let's see which option we will have.
P.S when the challenge will be open you will see how it is traded instantly and you won't have many questions. While I am not ready to go live, I am just explaining options I keep in mind and what action I would take on the levels given.
Trade with care.
Trade closed: target reached:
Okay, guys! Here it is!
The option number 2 developed itself.
The first move was up and it reached 1357.
I executed 3 trades like stated in description
1351 - 1354 - 1357.
And we hit 1346.
Here is what you can do!
Since we went up all the way to 1357 this is a sell setup!
Since the first move was up initial target is 1346.
BUT, you can either close all positions at 1346 either you can close some % of them and run the rest positions with BE, or you can run all 100% positions with BE.
I think we have a chance to break 1346 and reach even 1340, but I am sticking to my rules when it comes to this style and taking all profit at 1346.
Sometimes with intraday trading, you can catch big moves!
For example, if you followed option 2 and sold at 1357 you can close 1354 and 1351 and leave 1357 with BE. Imagine Gold fall down to 1300 for example! You just keep trailing the stop, you have great position up there and if it falls to 1300 just one lot brings you almost 6k in profit. But don't always imagine the great story! Think about the bad story too and don't dream! What if 1346 holds it and Gold goes back up, hits your BE and you are out with no profit! Better take the cash, because trading intraday we always have tons of opportunities the next day.
Anyway, you have to manage and plan your setup on your own! My Job is Done here today, Target Reached Trade Closed!
Good Luck and have a nice weekend!
The option number 2 developed itself.
The first move was up and it reached 1357.
I executed 3 trades like stated in description
1351 - 1354 - 1357.
And we hit 1346.
Here is what you can do!
Since we went up all the way to 1357 this is a sell setup!
Since the first move was up initial target is 1346.
BUT, you can either close all positions at 1346 either you can close some % of them and run the rest positions with BE, or you can run all 100% positions with BE.
I think we have a chance to break 1346 and reach even 1340, but I am sticking to my rules when it comes to this style and taking all profit at 1346.
Sometimes with intraday trading, you can catch big moves!
For example, if you followed option 2 and sold at 1357 you can close 1354 and 1351 and leave 1357 with BE. Imagine Gold fall down to 1300 for example! You just keep trailing the stop, you have great position up there and if it falls to 1300 just one lot brings you almost 6k in profit. But don't always imagine the great story! Think about the bad story too and don't dream! What if 1346 holds it and Gold goes back up, hits your BE and you are out with no profit! Better take the cash, because trading intraday we always have tons of opportunities the next day.
Anyway, you have to manage and plan your setup on your own! My Job is Done here today, Target Reached Trade Closed!
Good Luck and have a nice weekend!
Comment:
Just to follow up!
###
But 1346 is dynamic level and if broken price usually tends to go that way. Meaning if 1346 is broken downwards I would wait for the price to come back to 1346
###
We had a break of 1346 - pullback and more down!
So after the break of 1346, you would enter your next trade with possible target 1340. 6 more dollars in pocket.
I am not in this trade! Just letting you know the logic so you see the development and possible options.
###
But 1346 is dynamic level and if broken price usually tends to go that way. Meaning if 1346 is broken downwards I would wait for the price to come back to 1346
###
We had a break of 1346 - pullback and more down!
So after the break of 1346, you would enter your next trade with possible target 1340. 6 more dollars in pocket.
I am not in this trade! Just letting you know the logic so you see the development and possible options.
Comment:
I think the price will tend to go lower since 1346 was broken but the small target 1340 was not reached!
The thing is that in between 46 and 40 there is no other type levels that could disturb Gold from reaching its target.
Let me give you an example, from another idea I have.
###
We break 1311 and open the gate up to 1317, on the other hand, we don't because of 1313.
1311 is stronger level category than 1313 today. BUT if we look at breakout analyses after a break of 1311 which open gate to 1317 in between that 1313 can stop it and it is not obligated to reach 1317.
###
So here is the same we break 1346 and open gate to 1340, but this time in between these two we don't have other category levels that would disturb Gold to reach 1340.
And once again I think the price will tend to move back lower because of the Dynamic pivot break.
In this case, if I would sell 1346 I would either move SL to BE after the Gold drop to 1343-1342 or I would just leave it with no SL and maybe add more as it " dips upside down ".
The thing is that in between 46 and 40 there is no other type levels that could disturb Gold from reaching its target.
Let me give you an example, from another idea I have.
###
We break 1311 and open the gate up to 1317, on the other hand, we don't because of 1313.
1311 is stronger level category than 1313 today. BUT if we look at breakout analyses after a break of 1311 which open gate to 1317 in between that 1313 can stop it and it is not obligated to reach 1317.
###
So here is the same we break 1346 and open gate to 1340, but this time in between these two we don't have other category levels that would disturb Gold to reach 1340.
And once again I think the price will tend to move back lower because of the Dynamic pivot break.
In this case, if I would sell 1346 I would either move SL to BE after the Gold drop to 1343-1342 or I would just leave it with no SL and maybe add more as it " dips upside down ".
1346. I don't care is it 1346.20 - 1346.70 - 1346.90 etc.
On my calculations with maths, I lose 0000.70$ +/- so I focus only on first 4 numbers.