Today was very interesting, any good trader should have enjoyed this week action, at least we can say "interesting". One of todays movers was Gold,XAU/USD. In my opinion we have not seen the top of gold yet, and todays actions favours a longish position if we analize it with my primarly tools that are Price Action and VSA.
Here you can see todays Gold,XAU/USD chart.
Now we have to look for entrys and Risk management.
I have entered Long at 1.695, have put my Stop loss at 1.691, risking 1,5% of my account. My TP is now at 2.000. This mean that the trade has a Risk:Reward of 1:70. That means if it works more than 1,43% of times this trade has Postive Expected Value. Also means we will increase the account with a 105% of our trading capital if we achieve the TP.
**** In case we hit Stop loss I would look for more longs 1.663 and 1.673.
Have a nice day.
Here you can see todays Gold,XAU/USD chart.
Now we have to look for entrys and Risk management.
I have entered Long at 1.695, have put my Stop loss at 1.691, risking 1,5% of my account. My TP is now at 2.000. This mean that the trade has a Risk:Reward of 1:70. That means if it works more than 1,43% of times this trade has Postive Expected Value. Also means we will increase the account with a 105% of our trading capital if we achieve the TP.
**** In case we hit Stop loss I would look for more longs 1.663 and 1.673.
Have a nice day.
Greetings, BeLikewater