Sorry for the late publishing, but this is the real trade approach with 3 Pips SL, you can still open a market order if you want and will still give a good risk-reward ratio.
Original Entry: 1.21400
R:R = 1:26+
Or if you still want to get same results, set a pending limit order now at buy 1.214 if price will go back.
Good to be back here on TradingView. Will try my best to share some of my knowledge to you guys and hope to help others.
Buy Limit with tight stops but huge rewards are our plays this time. Risk 1% but possible profit will be 12%
Trying to keep it simpler this time.
SL @ 126.580
TP @ 127.400
R:R = 1:12
Gold is trying to trick a lot of retail that it's ready to go down since it has too many rejections from the top. But it's seems not ready as well to go down since Market structure is not broken for the bullish trend on HTF. It seems just collecting orders for now.. So, I believe this will still have more room for the upside.
If we're wrong, it's fine since the...
Let's See if this Tight SL entry will give us the opportunity to earn 13R which means we risk 1% and gain 13%
Trade at your own risk. This might also workout for a few days.
IF I'm wrong, then it's okay. we only take 1% risk.
Possible Trend Continuation for this Pair on HTF. Since price went to buy zone and we are getting a good risk reward ratio for this trade, I believe this is worth taking.
So, good luck and stay profitable!
This pair is still bullish. We just waited for it to go down a bit on a specific zone, then we are ready to buy it again. So, we will be safely adding a buy limit order now and possibly get a 1:5 Risk Reward ratio.
We can see that there's a rejection already in this zone where it is possible that the price already retraced to the upside for a more downside continuation. So, we cancel our first buy limit order on this pair and sell it now instead to follow the major trend on the HTF which is an easier way of trading IMHO.
This pair has been down on HTF but looks like it's in a range. If you will look left, there have been few bounces on the same buy zone.
So, we can safely enter a buy trade with a good risk-reward ratio again. If the price continues to go up, then we just move on to the next trade. Otherwise, let's wait for the price to come to us instead of chasing it. Good luck!