Technician
Long

(J) Trade 15 : Long Gold on Risk Aversion #forex

FX:XAUUSD   Gold Spot / U.S. Dollar
7782 91 111
Update 2: Stopped out
Profit= - $800
Balance= $29 617

Update: I added 0.2 lot to position at at 1168.00. Full position = 0.8 lot. For just below 3% risk of balance.

===========================================================================
Trade 15: Bought XAUUSD             @1171.00
Trade Status: Active
S.L @ 1160.00
T1 1187.00
T2 1200.00

For $30 417 Balance, Position size = 0.6 lot ~ 2% risk of capital

For who need more explanation:
Balance= $30 417
2% x 30417 ~~ $608
Each tick in gold             is equal to $0.1
For each mini lot or 0.1 standard lot , each tick Equals $1
My stop loss is 11 dollar = 110 ticks.
$608/110= 5.5 mini lots OR 0.55 standard Lot. I have chosen to make 0.6 lots in my trade.
===========================================================================
Reasoning
  • Support area
  • Multiple rejection as clear on chart through pin bars
  • Descending support for wedge
  • Bullish divergence on RSI
  • Negative sentiment surrounding markets, may support safe haven demand.

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Wish me luck and best of luck for everyone.

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My best regards
Technician
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Looks like that strong downward trend line is still playing its role as price got pushed back from it again.
A close above this trend line is required for the bulls to come into action.
snapshot
Reply
any point entering the trade again, after the SL?
Reply
Tijmen_K andrein
i think gold is on a down trent right now.
Reply
riskmode andrein
buy at around 1136
Reply
tcas riskmode
Agree. Good price for buy.
Reply
Now still good time to take a trade. Buy gold so 1140 tp1200
Reply
tcas tcas
its time to look for sell
Reply
snapshot

Guys if you remember I explained you that in our last trade (AUS/USD) I had not one but three chances to re enter into the trade and recover my loss once I got stopped out but I was low in confidence so that I couldn't dare.This time it was not the case.Using polarity principle (which is when a strong support breaks it turns into resistance) I re enter @1157.00 as short and recovered almost all my loss as my target just got hit.
I am mentioning this only because of the point that if you are stopped out of a trade this is not the end of the world so never lose your heart.
Happy trading for all.
+2 Reply
Your setups here have very a very good qualtity!
Three things are clear:
- Not every setup is successful
- Not every setup is suitable for every trader
- You can t find the optimal entry point
So thanks very much for you work and for that what we can learn from you!
Reply
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