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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