Live Intraday Price Action Trade + 2852 Pips on Gold

Hello Traders,

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).

live intraday price action trading chris capre 2ndskiesforex.com + 2852 pips profit gold

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!

Kind Regards,
Chris Capre

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Mantas

    cool! I knew you are going to catch it mate :) I was hunting for this breakout as well as price was sitting in the range for few days. Unfortunately I was out on that day.
    Awesome trade!

    Kind Regards
    Mantas

    • Thanks mate.

      Your breakout skills are definitely improving and quite strong so keep at it.

      But sometimes timing is key.

      Kind Regards,
      Chris

  • Manoj

    Hi Chris,
    A point on trading short term rather than on daily/weekly charts.
    The spread becomes far more significant when the stop loss is only 10 pips or so.
    But overall I cannot disagree with your logic.

    • Hello Manoj,

      Yes, the spread does become more significant, so precision becomes more important.

      But the overall logic is still sound.

      Kind Regards,
      Chris