Hey Traders, in the coming period we are monitoring XAUUSD for a buying opportunity around 1834 zone, we might see a pullback from 1865 zone towards more 1834 zone before the big rally into more highs probably! back then we might execute the trade if we receive any confirmation,
in Monday our focus will be on the selling opportunity at 1865 zone respecting the descending trend in combination with the strong supply and demand zone. we will not risk a lot in that trades just few pips will be enough.
don't forget that you should always respect proper risk management, especially with gold and commodities since their movements are more strong comparing to other pairs. always risk between 1-3% of your account so in the worst scenario you'll not get knocked out from the market with a losing trade.
a lot of traders get knocked out from the market because they risk 30-50% of their account in each trade and in that sense 1-3 losing trades will kick them out from the market, but a reasonable trader that risk 1% of his account and aim high he will get knocked out from the market after 100 losing trades in a row and the probability for that is close to none, that's why money management is the key success to trading more than the other tools.
thank you for reading my text with attention, always happy to help!
Joe.
in Monday our focus will be on the selling opportunity at 1865 zone respecting the descending trend in combination with the strong supply and demand zone. we will not risk a lot in that trades just few pips will be enough.
don't forget that you should always respect proper risk management, especially with gold and commodities since their movements are more strong comparing to other pairs. always risk between 1-3% of your account so in the worst scenario you'll not get knocked out from the market with a losing trade.
a lot of traders get knocked out from the market because they risk 30-50% of their account in each trade and in that sense 1-3 losing trades will kick them out from the market, but a reasonable trader that risk 1% of his account and aim high he will get knocked out from the market after 100 losing trades in a row and the probability for that is close to none, that's why money management is the key success to trading more than the other tools.
thank you for reading my text with attention, always happy to help!
Joe.