Following the Long Gold trade I took 2 weeks ago - I have been looking to get back in and ride what I believe will be a second leg higher.
With the price action today , where it has bounced off support and has started to cycle higher on the 1 hour chart - I am taking 2 trades, one conservative and one with a tighter stop.
The risk is 1% for each, however the lot size for the first trade is greater as there are less pips involved to get to the stop
If it fails, and it retests this level of support at 1330, I will look to add to my position long and also let the conservative trade play out.
There is scope for a lot more pips out of Gold yet I believe.
Thanks for looking
I have added below the video I made on how I took the previous Gold trade.
DuncanForex.com is now live with a home page for you to subscribe to future news and also receive a discount on training.
Cheers, Duncan
Trade active
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Hi all, both trades active with 1st entry on 4 to 1 at present
Trade closed manually
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Hi All
First trade won at 7 to 1, second trade hit stop loss at 1350 this afternoon for a 4 to 1 win.
Trade active
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Hi All I have entered a new trade - at 1341 with stops at 1336 - looking to reach 1365 area
Trade active
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Hi all - trade is going well - I expect it to reach 1358 or more
Trade closed: target reached
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Hi all, third trade entered at 1341 closed at 1360