Live Intraday Price Action Trade + 2852 Pips on Gold
I have been traveling internationally the last day or so, but wanted to share with you a trade I took on Gold recently to start the week. Sometimes, timing is everything, not just in entries, but in exits as well. The high for the day was just a few $ higher and then Gold shortly after collapsed (see chart below).
This trade ended up banking an over 5.25:1 reward to risk play. Now keep in mind, if you are trading the daily charts only, and had a 100 pip stop, you would need at least a 525 pip target to match this type of return. Ask yourself how many 525 pip winners with 100 pip stops have you had in the last month, or last year for that matter?
Food for thought, but these types of setups happen all the time every day if you learn how to read price action. You do not have to be sitting on your hands for days, waiting for supposedly A++ setups that are eluded to be only available on the daily charts. This is a myth and real lack of understanding of how to read price action.
This trade was done using a rule-based system from my Price Action Course which picks high probability setups on an intraday basis.
I actually inside this trade had missed a few extra longs, but the exit was well timed based on a price action pattern I spotted (no, it was not a pin bar which led me to exit, but a more thorough pattern).
Anyways, I hope you enjoyed this example of price action trading.
Have a good weekend and good start to 2013!
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