Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
Intraday Price Action Trading Gold +1148 Pips
I wanted to share a trade I did this week on Gold, by looking at the opposite of what I thought the market was going to do, and then finding a trade opportunity. Remember, you always have to consider the other side of the market, what they are doing, and what happens if your idea of the market fails. Sometimes a failed signal is a signal, but minimally it is information.
This week in my market commentary, I talked about a pre-breakout scenario in Gold where I talked about the failure to breakout to the upside would likely lead towards $1684. In that market commentary I talk about how the $1684 level is a key role reversal level for bulls. What this means is, if the market pulls back towards $1684, and this fails, then I have another trade setup.
The market failed to hold $1684, so I looked to go short on a breakout pullback setup. Below is the trade I took, where I netted +1205 and +1091 pips, for an average of +1148 pips as I saw an intraday price action exit pattern.
You will notice how the $1684 level held 2x at my entry, then failed, starting a series of impulsive and corrective price action. After a 3 leg series down, and some short term bottoming price action, I exited the trade.
The total reward to risk was 3.28:1. That means for every 10 pips I risked, I made 32.8.
To me, this had all the classic signs of a high quality signal, (clear resistance level, low risk, high reward potential, high probability scenario, higher time frame price action support, etc). But, I didn’t have to wait around for days to get this signal.
The method I used in here is the same method I teach in my Price Action Course, and is something you can learn to spot all the time. But if you are waiting around for days to find a good trade – you are likely wasting your time, and missing ones right under your nose as these happen all the time.
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