GOLD (XAUUSD) H4 ANALYSIS COUNTER-TREND POSITION FOR DAY TRADERS
Having spotted a bearish engulfing candle which is one of my favorite prophecy candles..lol. It indicates room for a short position before we go on our swing bullish trade.
Sell Position
Entries – Instant or 1887
Stoploss - $1893
Take Profit - $1857 & $1835
Lotsize: This actually depends on your trading amount. However, here are my recommendations based on the trading amount;
$100 - $5000 – Lot size 0.01 – 0.04
$6000 - $15,000 – Lot size 0.05 – 0.08
$16,000 - $50,000 – Lot size 0.09 – 0.25
$50,000 - $100,000 – Lot size 0.25 – 0.5
Total number of open trades shouldn’t be more than 5. More so, this strategy ensures you lose less than 2% - 2.5% of your total trading portfolio on a single trade if it goes against you and earn more than 5% - 6% on a trade if it goes in your favor.
Having spotted a bearish engulfing candle which is one of my favorite prophecy candles..lol. It indicates room for a short position before we go on our swing bullish trade.
Sell Position
Entries – Instant or 1887
Stoploss - $1893
Take Profit - $1857 & $1835
Lotsize: This actually depends on your trading amount. However, here are my recommendations based on the trading amount;
$100 - $5000 – Lot size 0.01 – 0.04
$6000 - $15,000 – Lot size 0.05 – 0.08
$16,000 - $50,000 – Lot size 0.09 – 0.25
$50,000 - $100,000 – Lot size 0.25 – 0.5
Total number of open trades shouldn’t be more than 5. More so, this strategy ensures you lose less than 2% - 2.5% of your total trading portfolio on a single trade if it goes against you and earn more than 5% - 6% on a trade if it goes in your favor.