not the best analysis. but hey 13pip stops with a 0.01lot trade wont blow an account right ;)
heres the thinking behind it.
Gold daily is going to be pushing up. those wicks to the left will be filled.
Daily went down and formed a lower wick so i know it will most likely continue going up. then i dropped to 4hr, 1hr and 30min. you can see on the hourly price is struggling to break that minor support, we even had a bear close just the previous hour. but look how week the bears were, they couldnt even close below the wicks, so i took a buy with a tight 13pip stop.
heres the thinking behind it.
Gold daily is going to be pushing up. those wicks to the left will be filled.
Daily went down and formed a lower wick so i know it will most likely continue going up. then i dropped to 4hr, 1hr and 30min. you can see on the hourly price is struggling to break that minor support, we even had a bear close just the previous hour. but look how week the bears were, they couldnt even close below the wicks, so i took a buy with a tight 13pip stop.
Trade closed: stop reached:
How horrible was this trade, minor loss but it dosent mean it should be ignored. the mistake i made here was that i simply didnt follow my plan. this wasnt a break and retest trade. i deviated from my plan and i lost.
Comment:
Added to spreadsheet