December 24, 2019 XAUUSD (GOLD) long position. Closed profit: 18,51%
We've been eyeballing this trade for a couple of weeks now. The higher time frames (monthly & quarterly) are both looking extremely bullish, and the weekly charthas developed a falling wedge right into our support zone. Picture perfect. All we now have to do is wait for the daily chart to break out.
Just a few days later, on the 23rd, the daily chart broke out as we predicted. However the entry on the 23rd did not meet our entry criteria so we had to sit on our hands just a little bit longer.
Daily chart as price broke out
On the 24th our entry criteria were met and we took the trade live on the 1 hour chart. As you can see, no trading in the heat of the moment, this trade was on our radar for almost 2 months already. We just patiently have to wait for the market to show its hand and confirm our prediction. It's that easy.
1 hour entry
After we entered the trade, price took off like a rocket. The next day, we were already running well over 4% in profit. As per our management rules, we are now in a completely risk-free trade as our 2nd entry presents itself. The setup itself allows us to take a 2nd entry if the entry criteria as met.
The second retracement is one our favorites and ticks all the boxes, hence we enter the 2nd trade as well. As the first trade is running with a stop-loss at 1% profit, we have NO RISK on the table for this second trade. Now it's just a matter of sitting back and let the market decide when to take us out. Worst case scenario, we get taken out of both of our positions for break-even.
After 7 more trading days, our stop-losses were hit while we were going about our day. Total profit for both trades: 18,51% ! Crazy returns for just a few minutes of work every day. Completely forecasted and executed to perfection.
1 hour close
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