This trade just about hit my stop loss, I'm wondering if it would've been a good idea to re-enter this trade, sometimes it happens and it will give me a fair amount back, but we did hit 1:1 which left us with a break even trade.
I would like to take Profit at 1:1 for 50% and then 1:3 for 50% of the remaining open position.
The trade has been entered due to my consistent entry point as planned. I have some confidence because we are in a current uptrend on the 1H.
Holding onto this sell, made a small profit today on the 1:1 buy with partial closing, i'm currently waiting for the market to give us the next instructions on this open trade which has reached into the buy zone already and can still reverse.
A deep correction is now taking place on this market and I will enter again later on if there is an entry point into the sell, as we are still in the reach of the sellers market.
Last Entry did not work out well, I was stopped out by spreads, decided to enter on a small 0.5% after which also didn't work out.
This would be the second entry into this market for the day which has a higher chance of working out in my terms, but it could be a larger move due to where the buy zone is at now so...
Let's just stay patient :)
XAUUSD has reached the buy zone and an entry formula has also been reached in this zone (5m), in due with the current possible coming global trend on the 1H.
I have closed the sell entry and entered a buy.
Gold Spot - US Dollar has been trending down for a while, it has began making an upward push on the global trend however and it will be interesting to find out how much we could get if this trade works out.
I have placed this trade based on my system entry rules.
I am going against the trend for a smaller expected profit potential and a larger entry into the buy later if so, with the risk covered by my profits from the first trade.
Sell entry on a upward global trend, goal should be expected as an entry into a buy trade later on; so the trade shouldn't be a lot of pips (maybe, u nevr rlly know)
I entered this trade due to my systems technical analysis of the market.
The idea is to follow the global trend in a way, it could be possible however that we may get a buy signal later on, so it's always best to take some profits at 1:1
The price has already reached into the sellers end of the market where the market is willing to reverse again after this buy entry signal, my idea is to be patient and wait for the sell to approach it's liquidity in the market where I can meet an entry with the current trend.
Sold triple on the reversal and locked in some profits at 1:1, waiting for the markets to maybe give us something good like 1:3 for the day.
Current Trade (reversal of primary); was allowed to be placed due to global trend currently running in the same direction
