I know this trade looks a bit risky and less profitable as the risk-reward ratio doesn't seem great. However, if you manage your risk, this shouldn't be a problem. Market is volatile and I have seen some short opportunity for XAUUSD
Here's how I'm planning to trade this setup. I will enter 2 short sells at the same time. Stops will be the same. After I hit TP1, I'm going to move my second stop-loss to a few pips below the break-even. I don't want to pay for the spread and for the commission. It's a losing trade after all.
If I see that the price goes all the way up to 1332.70, I will add same size of lots with same stop-loss. However, I will also send a sell-limit order in advance.
Short XAUUSD - 2 equal lots at the beginning of the day/week + add 1 equal lot sell-limit order at 1332.70 with same SL and TP = TP2
Risk: 1% of my account balance for each lot (3% in total)
Current price: 1328.06
SL: 1337.80
TP1: 1320.40
TP2: 1313.40
Disclaimer: This is not financial advice. Trade at your own risk
Please remember to follow me. I appreciate if you like and add your comments and feedbacks.
Trade safe,
Atilla
Here's how I'm planning to trade this setup. I will enter 2 short sells at the same time. Stops will be the same. After I hit TP1, I'm going to move my second stop-loss to a few pips below the break-even. I don't want to pay for the spread and for the commission. It's a losing trade after all.
If I see that the price goes all the way up to 1332.70, I will add same size of lots with same stop-loss. However, I will also send a sell-limit order in advance.
Short XAUUSD - 2 equal lots at the beginning of the day/week + add 1 equal lot sell-limit order at 1332.70 with same SL and TP = TP2
Risk: 1% of my account balance for each lot (3% in total)
Current price: 1328.06
SL: 1337.80
TP1: 1320.40
TP2: 1313.40
Disclaimer: This is not financial advice. Trade at your own risk
Please remember to follow me. I appreciate if you like and add your comments and feedbacks.
Trade safe,
Atilla
Trade active
I have canceled my limit sell as i have missed by 10 points (1 pips).And I have recently closed my positions at 1324.88
However i will still track this. I may step in if i see a pb
Note
First initial target hitTrade closed: target reached
Both targets reached
I know Kung-Fu!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I know Kung-Fu!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.