Wanted to tell some things based on my experience and the way I am working.
Markets nowadays are so manipulated and driven by computers and algos that it become even more risky to trade. Especially when it comes to gold . Gold loves SL's, margin calls and stop outs.
Forex is a legal SCAM and you have to acknowledge it. Nobody cares where is your TP and that you are so naive waiting for it. Of course it is good to have it but " they " can take your money in one second - Blink and it's gone.
You enter a trade most of the day your trade is in profit you set TP and BE and just one last hour before market close gold drop and kick you out at Break even with little to no profit and nobody care you had TP set for your trade.
Once again I return back to Profit goal trading.
Profit goal trading requires - no emotions, and bigger risk so you have to afford to lose portion of what you make and always be ready for that.
This is a strategy that I develop in bad days when I could not afford to lose any more money and I needed to come up with something that can bring me better success.
So I figured out that I want to make 100 bucks out of each trade I take. Once trade is 100 in profit I am not holding anymore. CLOSING right away. I don't care market going more in my favour. Because if I don't do so then I break the rule and it is greed.
My profit goal hit? Out of the trade and looking for next opportunity.
Next I would go in trade only in super levels where market is moooooost likely to retrace for couple $. And I would then enter with bigger risk and get out once the profit goal is met.
So If I see gold have some resistance at 1210 I could enter. But I see that Gold have super resistance at 1215 so I would wait out 1210 and enter at 1215. This way you can lose good entries seeing that gold retrace at 1210 and drop and never come to 1215. But again this is only greed and emotions. Let it go and look for super support to enter long.
I got burned with long term trades. And I stop doing it for good.
You can call it scalping or whatever you want, but the thing that matters is Money.
You better be lucky you made some buck in this scam market. Take that buck and run away.
Forex for me is not charting art. All what matters is you got lucky and took some cash. And you are smart if you did.
Monday - look at when the trade was entered and look at the right the time now.
Yes bigger risk but for good reason.
I can close it now and close the charts for the rest of the day. Profit goal is met and done.
Only thing that will keep you away from doing it is the greed.
You will rather close half and set BE. But then if you are so greedy why not close all trade and take all bank you have?
You take half, gold drop and hit BE. You had chance to take it all but greed make you make it only worse.
All I am saying, scan market for super resistances / supports, enter bigger risk ( if you can afford to do it, set profit goal make a buck, take a buck and run away before some algo come in and wipe you out! Nobody care where is your TP, it is just your projection. The Buldozer will take the price where " they want it " so you just get lucky if your TP is on that way.
You scan market for next trade, you enter it you make 100 you close it. You enter the 3rd trade, you lose it. But guess what. You lost portion of your profits, and generally you are still in profit. Main goal is to save the initial investment. Yes you lost a portion from profits, but you are not that emotional. You can easily enter again.
If you lose portion of your investment, that's different that make you more scared and emotional, and it is not that easy to enter again after you lose some of your capital. If you lose some of your profit, you are wayyyy more " easy " with it, and entering again is not that scary and painful. Done with this post. You get the picture! Good Luck and prosperous trading!