In GOLD 15′ chart price is showing all the requirements to enter a Long order as indicated by the Savius Slope Rider.
I am using a new Windows 10 App to take screenshots, with all comments and arrows iti should be much clearer now.
So I enter a limit order to buy at a retracement on Pivot: which means I wait for it to break above it, come back down, only at this point I believe in the trend and I enter the trade with P as protection for my Stop Loss.
Why not enter it below Pivot? I would make more money right?! But the price movement wouldn’t be confirmed! A price that moves below Pivot P is just a price that wants to go down!
So I’m closing my trade at +19 ticks, simply because I don’t need any more profit, what’s more important is to prove discipline and consistency.
I am trading on the 15′ chart with the Savius Slope Rider Strategy on.
Slope Rider has colored in a few candles in pink which means there is an important divergence going on, price is in the Sell Volume Value Area and has just hit the top of the Regression Channel, 2746 happens to be a strong support for volume traded and price, see how many times it bounced off from it in the past days.
Price moved very well, it’s great when we enter the order at the right time and just see it moving in the right direction without having to suffer in a temporary loss, timing timing timing!
Patience patience patience 😀
So I’m exiting the trade, I don’t have any specific reason to do so, but I’ve reached my target for the day, and wicks in last 4 candles are quite long compared to short bodies, which is a sign of an uncertain trend, so I’m going to enjoy another profitable day.