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
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.
- Support area
- Multiple rejection as clear on chart through pin bars
- Descending support for
- Bullish divergence on
- Negative sentiment surrounding markets, may support safe haven demand.
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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.