2022 Nov 15 GOLD *STOPPED OUT (PPI USD News Trade)

15 nov 2022

Risk/Reward 9:1
Confluences for this trade is as follows:

Macro
Daily - Continued bullish momentum off of current bullish leg
4h - Previous 4h candle (end of london session/us open) closing ABOVE the previous week's daily high zone
- bullish trend market condition

Micro
1h/30m - break and retest off of previous structural highs (translated from the 4h timeframe)
15m - market retest off of yesterday's us session highs
- bullish rectangle market structure (bullish continuation market pattern)(

Fundamental
US core PPI YoY - Negative results in comparison to consensus data thus value of gold gaining strength over the dollar (DXY goes down then XAUUSD goes up)

Reason why trade did not play out as planned:
- Held longer than I should have due to the volatility of the news event (r:r shouldnt have been 9:1). Because what had happened immediately after the news event is that price shot back down all the way back to the previous week's daily high zone ultimately stopping me out of this trade.

Remarks:
- Need to be more hyper-focused when entering during news events due to market volatility when news event is released. Solution to that is using the 1min timeframe chart to enter JUST MINUTES if not ONE MINUTE before news release or I will be at risk missing an opportunity that is viable. As seen on the 5min chart circled in RED.