XAU/USD Short - 5/15m - NY Open - Nov 18 2022
With the long term PF showing a clear bearish bias, we used the short term purple PF for a short entry. After testing a significant ceiling on 4H PF and we broke the floor on the 15m PF, an impulse short was taken with a stop above previous high/ceiling. TP was set at the floor support of both 4H/15m PFs which makes an area of great confluence.
Trade was 1:2, no partials. Fairly quick trade as it only took 20 or so minutes. We closed our position just under TP at 1:1.5 to ensure profit was taken before any big retracement since this is a strong support. Could of let it run to TP to get the full profit and could have also left a small runner with SL at BE so execution needs improvement.
Trade was 1:2, no partials. Fairly quick trade as it only took 20 or so minutes. We closed our position just under TP at 1:1.5 to ensure profit was taken before any big retracement since this is a strong support. Could of let it run to TP to get the full profit and could have also left a small runner with SL at BE so execution needs improvement.