If we see a pullback with good developing price action in GOLD, that's when we make our move. We evaluate if the risk to reward ratio is good enough to justify entering a long trade and set our target accordingly. Entry could be a price action confirmation signal near the zone or a limit order, again depending on how price action develops.
We don't just jump in blindly, we also think hard about where to place our stop loss.
But if the pullback doesn't happen, I'm not one to chase the market. I stay disciplined and wait for the next high-probability opportunity. No FOMO, no trade. Pass and keep grinding.
Order cancelled
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There was no trade for me here. I was looking for bullish price action near the buy zone, something like a pin bar or bullish engulfing. We did not get it, and the price went down through the buy zone in a straight line. I am not looking for any other setups in gold at the moment.
Remember, success in trading is about patience, discipline, and being in tune with the market. Don't get discouraged by short-term setbacks, stay focused on your long-term goals and keep learning from every experience. You got this!