Gold was on a strong uptrend so I was looking for buys
I noticed that gold had started to form small supports (marked in yellow) and kept breaking out higher after consolidating for a while.
I noticed that gold had started to form small supports (marked in yellow) and kept breaking out higher after consolidating for a while.
Looking closer at the 5 minute chart I saw a new support being made marked by the yellow line.
Price was not falling below the support, so I bought 6 lots at the bottom of the support at 1944.2
Price was not falling below the support, so I bought 6 lots at the bottom of the support at 1944.2
I placed my stop loss below the lowest candlestick movement to be safe incase the support decided to break and drop back down.
My take profit was near the top of the 5 minute resistance at 1948.
My risk:reward ratio was 4.29
My take profit was near the top of the 5 minute resistance at 1948.
My risk:reward ratio was 4.29
The support was respected and gold shot straight up CRUSHING my TP and went up even higher.
I changed my stop loss to breakeven once the upwards move had started to make sure I wouldn’t lose any money if the trade went against me at that point.
I changed my stop loss to breakeven once the upwards move had started to make sure I wouldn’t lose any money if the trade went against me at that point.
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