XAU LONG REFLECTION
This is not so much a prediction of where I believe price will reach next, but rather a reflection of a position I took from this morning's NY session.
I would like to note that at the beginning of this session, I was looking for potential shorts.
I ended up taking my first position on the 5 min at approx. 7am and was up about 30 pips.
Targets and exits are equally important as entries, so I began to ask myself where I felt price was going. (At this point, orders have been activated, profiting 30 ticks, but I have yet to determine true TPs) This is my next step.
As I look more and more into the area in which we are approaching, we take a look left, and notice a beautiful mitigation candle that printed on Weds NY session. Given it cleared liquidity the day before, and at that point in time, we were getting a reaction out of an order block within that mitigation candle (5min) / wick (15 min), I decided to close my order with 27.5 pips with the hopes of repositioning ourselves later in the session.
Approx. 7:30 am we witness the beautiful reaction play out of the candle we spoke about.
We then see a shift in direction. At 8am I notice the candles printing have closed higher than the 6:30am previous high, thus giving me another confirmation that we may see potential longs.
I entered my long at 8:17am and was in drawdown for about 15 min before I finally saw momentum shift and finally print bullish. As the day went on, I began to see price fluctuate in my direction, and it was 9am where I began to ask myself if I should manually close or hold to my TP. Ultimately, I decided to close at 51 pips in profit.
Takeaways from this morning
- Well executed positions.
- Good risk management and overall Technical analysis
Improvements
- If you have an open position, and you love the set up but have met your target; Consider scaling in so you can leave a runner and perhaps, close original entry.
- OR, simply close 50% of original position and let the rest ride to maximize your profits.
(I do want to admit, there is a fine line between greed and seeking maximum value. I must make sure I resist greed at all cost. I simply mention this to see if we can optimize P/L)
All in all, +2% today. On to the next!
I would like to note that at the beginning of this session, I was looking for potential shorts.
I ended up taking my first position on the 5 min at approx. 7am and was up about 30 pips.
Targets and exits are equally important as entries, so I began to ask myself where I felt price was going. (At this point, orders have been activated, profiting 30 ticks, but I have yet to determine true TPs) This is my next step.
As I look more and more into the area in which we are approaching, we take a look left, and notice a beautiful mitigation candle that printed on Weds NY session. Given it cleared liquidity the day before, and at that point in time, we were getting a reaction out of an order block within that mitigation candle (5min) / wick (15 min), I decided to close my order with 27.5 pips with the hopes of repositioning ourselves later in the session.
Approx. 7:30 am we witness the beautiful reaction play out of the candle we spoke about.
We then see a shift in direction. At 8am I notice the candles printing have closed higher than the 6:30am previous high, thus giving me another confirmation that we may see potential longs.
I entered my long at 8:17am and was in drawdown for about 15 min before I finally saw momentum shift and finally print bullish. As the day went on, I began to see price fluctuate in my direction, and it was 9am where I began to ask myself if I should manually close or hold to my TP. Ultimately, I decided to close at 51 pips in profit.
Takeaways from this morning
- Well executed positions.
- Good risk management and overall Technical analysis
Improvements
- If you have an open position, and you love the set up but have met your target; Consider scaling in so you can leave a runner and perhaps, close original entry.
- OR, simply close 50% of original position and let the rest ride to maximize your profits.
(I do want to admit, there is a fine line between greed and seeking maximum value. I must make sure I resist greed at all cost. I simply mention this to see if we can optimize P/L)
All in all, +2% today. On to the next!
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.