XAU/USD Short/Long - 5/15m - NY/Asian - Nov 24/25 2022
2 trades taken, first short and last long. The short in the middle was another opportunity that I was looking to take but did not.
Long term PF slope is clearly being respected and validated so we followed accordingly. First trade was entered after price failed to touch the major ceiling and broke below a significant bullish candle that foreshadows a break of the parallel floor. Smaller SL was used as this is an impulse entry.
Second trade is when price started retracing after the break of the parallel floor. at that point, we would expect the broken floor to become a ceiling for price to retest if we have a significant retracement such as this. This trade was not taken but the idea is to enter impulsively after the break of the doji 1H candle which signals the leg down to the major floor.
Third trade is the same as the second but the other way around, a long after the bullish break and retest of the parallel ceiling turned to floor. Entered on break of 15m candle after a short retracement to retest the floor with a larger SL. No partials were taken throughout both trades and 10% runners were left at 1:2 TP with SL moved to BE.
Long term PF slope is clearly being respected and validated so we followed accordingly. First trade was entered after price failed to touch the major ceiling and broke below a significant bullish candle that foreshadows a break of the parallel floor. Smaller SL was used as this is an impulse entry.
Second trade is when price started retracing after the break of the parallel floor. at that point, we would expect the broken floor to become a ceiling for price to retest if we have a significant retracement such as this. This trade was not taken but the idea is to enter impulsively after the break of the doji 1H candle which signals the leg down to the major floor.
Third trade is the same as the second but the other way around, a long after the bullish break and retest of the parallel ceiling turned to floor. Entered on break of 15m candle after a short retracement to retest the floor with a larger SL. No partials were taken throughout both trades and 10% runners were left at 1:2 TP with SL moved to BE.