After identifying strong structure on the 1 hour & 4 hour charts and seeing rejections in those timeframes
I decided that a possible scalp for longs would suffice as todays news was also quite neutral and did not have a large impact on gold.
With the green line representing 1-4 hour support levels, I identified key rejections on the 15 & 30 minute charts and entered longs with profits below the previous trade I’ve posted. Furthermore, high consolidation at 1788 after a strong push upwards from 1783 allowed me to get a key entry in the following trades. The consolidation tied together with DXY (dollar index) therefore drove my decision with continuing long.
Entry: 1783 TP: 1785
1788 —> 1790.88
1790 —> 1792.68
Why are my profit intervals so short?
- I keep my stops always above entry so that I can ensure profits while trading.
While I could have taken possibly 100-120 pips total, the first 2 entries were stopped but in overall profit. I would much rather ensure my investments stability and longevity through consistent growth over time.
A total of 60-65 pips were obtained @ 12-1am EST.
I decided that a possible scalp for longs would suffice as todays news was also quite neutral and did not have a large impact on gold.
With the green line representing 1-4 hour support levels, I identified key rejections on the 15 & 30 minute charts and entered longs with profits below the previous trade I’ve posted. Furthermore, high consolidation at 1788 after a strong push upwards from 1783 allowed me to get a key entry in the following trades. The consolidation tied together with DXY (dollar index) therefore drove my decision with continuing long.
Entry: 1783 TP: 1785
1788 —> 1790.88
1790 —> 1792.68
Why are my profit intervals so short?
- I keep my stops always above entry so that I can ensure profits while trading.
While I could have taken possibly 100-120 pips total, the first 2 entries were stopped but in overall profit. I would much rather ensure my investments stability and longevity through consistent growth over time.
A total of 60-65 pips were obtained @ 12-1am EST.
