Gold Dropping soon Ascending channel

Jun 28, 2020

Price has formed ascending channel with a classic 3 touch pattern (expecting to happen) before the drop.
1st TP targte would be at the ray line.
2nd target would be at the yellow TL

Jul 1, 2020

Note

Price is shaping up as planned.

There is no change in the pattern or structure so far.
So our bias still remains the same to go short.

As this is a probability model, we know the next likely move as per what the market is telling us, but just that we dont know when will it happen.

Jul 1, 2020

Trade active

Gold is dropping as forecasted.
Will wait for the price to move 1% from my entry to make it a risk free trade.

As I plan to stick to max 1-2% of my total account, I will not enter any other trade until this trade is moved to Break-even.
This is just part of my risk management criteria

Jul 2, 2020

Note

Trade has moved more than 1% from our entry point, hence moved SL to breakeven.

Now another bear flag pattern is developing hence looking to add in 1 more position to the existing trade. Still keeping our risk to 1-2% max.

Ones the trade moves again in our favour, that is when the 2nd trade will be moved to breakeven and then we will lock in profits from the 1st trade and keep the trades running.

Jul 2, 2020

Note

Now that we have broken even on the 2nd trade.
I have locked in profits just behind the previous pattern.

Thus locking in 93 pips (which is 0.96%) in profit.

Will wait for another scaling in opportunity incase if it comes up depending on what the market tells me.