👉 Prop Firm Deals https://linktr.ee/covetrader
Transcript
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What’s going on, guys? So, I took a trade for $2,000 in my personal account the other night. I’m going to ride over the trade, why I took it, everything about it. It actually is still in play, but I took my profit. Before I get into that, I stream live every single day. Uh we’re right now we’re giving away take profit trader accounts every day on the stream. So, if you want to take part, subscribe below, come on the stream um when
We’re on. It basically starts at 9:00, goes till 4:30, and then we’re back again at night uh for Asia around 8:00. Um yeah. So, I’m going to go over this. I took it in gold. So, I made two grand in gold. It was actually a great setup. So, I’m on the hourly chart. I know you’re going to say hourly. Also, if you were in a prop firm, you could have still taken this trade because I I entered at 8:00 30, maybe
9:30 at night. So, this was the bottom from Monday, March 26th. The high is April, not March 26th. This is Friday, the 17th, and this is March 23rd. Uh so, basically, I kind of fibbed it out. And I’m looking for it to trade below the 0.236 line, which is this red line. Um somebody’s going to ask me, “Well, why didn’t you take this?” Like, I want to kind of see it break down. This is the gap down that doesn’t count. I
Want to see it kind of trade and then kind of just like die off is what you’re looking for. Like, a real trend change. So, I went here, and I wa- looked at the higher time frames, and as you could see, we’re starting to go lower highs, lower highs, lower highs. And I’m going to I’m going to zoom in for you, and I want to show you everything here. So, you can kind of see like we’re breaking the trend up, and
We’re kind of looking like we’re going to spill over, right? Now, we get below this line, which is normally where I take the trade, right? Now, I did not take it on a Friday cuz I’m not holding it over over the weekend. That I could tell you that right now. So, I didn’t take it on Friday, and then Monday came, and we’re right here, right? I should have got in on this kind of in the morning. I kind of missed out.
We dumped, and then when we bounced back up, I took it. It was at night time. I actually got in right here. What I should have done was wait until this candle had a fair value gap inversion to the downside on the hourly, and then I should have put my stop right there. But, what I did was I actually took this candle, and my stop was I think my stop was a break kind of like a break back over this um
.236 line. So, what I’m looking for is to break this line, and then travel back into this golden pocket area, right? That’s what I’m looking for. And then I’m going to take a long in this area, probably back up to like 700, say. So, I got out of the trade 100 points down. We basically we dumped, and I It doesn’t look like much, but I got in pretty much at 700, and I got out at pretty much uh 4600. Um the
Trade technically So, there’s a couple ways I could play this. One, you could play it and take profit at the 50% line, which as you see we bounced right off of there. That’s if If you’re going to do two TPs, basically you would take TP right here, and then I would look at the setup, and then basically I’d probably put my stop at 626, cuz if we get back over there, you kind of have a trend change going back up, right?
Um if you only have one TP, like I ended up taking it on this massive candle down um because I was up two grand and I just wanted to secure the the bag, I guess. But the furthest TP right now is 370. um You know, so basically it would be a trend change if we got over 623 where you’d put your stop. And then you’d see if we can get below the 50% line. If we start trading below this I’d move
My stop down on the hourly to the most recent high and work it down and my final TP would probably be somewhere in this zone. But that’s the reason I took it. It was kind of a trend change. We broke the .236 line to the downside on the hourly. Signifies a trend change. And um that’s pretty much it. I netted two grand overnight in my personal account, not a prop firm account and that’s how I did it. If you have any
Questions about this strategy or any other strategy, I use fibs a lot on gold. I can walk you through anything else. um I like trading this way. Marie kind of back tested this and it got me into this style of trading. I kind of like it. It’s also as good for general bias. Where as we were going down, I kind of figured we have a target at least to the 50% line which was right here. And if we start breaking there,
Then I know my general bias is going to be bearish until we get into this zone. um But that’s it. Any questions, comments, let me know. Come on the live stream and ask. And that’s it.
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