Gold had formed a clear support during London Session on the 30m and 1h timeframes. We had strong bullish momentum so my bias was bullish in the short term. I then switched down to the 15m timeframe to look for a good entry to minimise drawdown.
When a bullish 15m candle closed starting from support, I waited for the next candle to form bullish and my final confirmation was that it broke the high of the previous bullish 15m candle. Then I entered the trade.
My stops were below the 15m wick rejections and my two targets were 1897 and 1900.
Both targets were smashed within a few hours with very minimal drawdown.
If any candle from 15m upwards closed below support, I would have closed my positions as it was invalidate the setup.
When a bullish 15m candle closed starting from support, I waited for the next candle to form bullish and my final confirmation was that it broke the high of the previous bullish 15m candle. Then I entered the trade.
My stops were below the 15m wick rejections and my two targets were 1897 and 1900.
Both targets were smashed within a few hours with very minimal drawdown.
If any candle from 15m upwards closed below support, I would have closed my positions as it was invalidate the setup.
Comment:
Gold plummeted from my target so my target was in the perfect zone