Who have involved in stock trading or Forex Trading for a while must have known the fact that trading is all about entering and exit at right time at right junctures and know how to trade crucial events and time their trade for best and potential profit targets.
But it all has been not as easy as it is told to be because how we plan a complete trading strategy and our Stock and Currency trading decisions are all based on that, but we still need some experience to gain all the knowledge and execute our plans successfully at crucial stages. We all need to be precise with out decision making approach because not only Forex Trading involve high risk but it is risk-oriented and because of high liquidate market, it react almost instantly to any news as compare to stocks which takes time to respond as buying and selling stocks means taking money off from another to put it in some other stock and it involves late reaction.
Some of the new traders thinks, News trading is best way to make profits and make them on consistent basis but still they need to re-evaluate their plans and think if such trading offers certain opportunities
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Spotting Opportunity in Comex Gold
I have manage to spot an opportunity to Comex Gold to kick start new opportunity for my blog readers and help understand why I have taken this opportunity If this sums up well and because of the fact this is medium term reverse trade so the impact would remain for next two to four days and targets can be reached in the stipulated period and stops can be hit today or tomorrow but usually I expect reversals to happen immediately as I believe in bulk orders left in strong movements known as ignore supply and demand areas, and when price returning to those areas it use to pick up those bulk orders and reach the next supply/demand or decision making areas.
Recent Gold Trade tell us "How you need to time your Forex Trade", because recent price action from low is quite hesitated and compressing to this 1284 mark which is the crucial decision point after price make new lows after making new high post NFP data at the start of the Month.
**** Sell Comex Gold at 1284.00 (Executed)
Stop 1291.00 (Strict Rules while applying Stops)
Target 1275, 1264
We use to enter two orders of the same lots e.g I would enter here with two lots and put the stops for both trades around the level 1291 as recommended and look to close first trade around 1275 area, and trail the rest position which means If I manage to close the one lot around 1275, then I will probably move the stop of second order at break-even, which is recent entry at 1284.00, and close the rest of the order at second level 1264. ,
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