Profit = - $600.
Balance= 30,000-600 = 29,400.
Trade 2: Pending Short XAUUSD @ 1180.00
S.L @ 1186.00
For 30,000 Capital, and 2% risk per trade=$600, Position size = 1 lot ( 0.5+0.5)
- Short term trend down, lower highs and lower lows.
- Price is trading in a
- Retested areas near the top of the channel and 1180.00 horizontal resistance
- Price printed long legged candle at that resistance.
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I have started to follow the journey, and had a pat yesterday. Fine that it did not turno into red pips.
I am now looking at the XAUUSD setup (1D chart). At the moment, I see PA is nicely sitting in a descending channel, however, I have noticed that within the descending channel PA goes up with an increasing angle. This bodes for a higher probability for PA to break up, rather than remain in the channel. Consequently, PA may hit the SL with a higher probability than anticipated.
In addition, CC(20), MACD(12,26,9) and STOCH(10,6,3) are pointing north at this time (11:12 CET).
May be it's a good idea to find an appropriate level for scratching the trade?