[Read this trading setup first: XAU/USD]
I decide to open short position on Nov 20th. Price formed a Pin Bar on 4-hour chart, rejected the old support/new resistance level. The trend still bearish.
Unfortunately, price moved above through the high of the pin bar. As my trading plan said, if price break through the high of the price action signal, it’s time to cancelled the order. Unluckily for me, the price then aggressively moved below and achieved my first target. But I stick to my trading plan, try to follow the rules and be disciplined. On to the next position 🙂
OP: sell stop 1077.40, SL: 1088.00, TP 1: 1072.00, TP 2: 1066.00 (2 position)
Result: cancelled the order, price moved above the high of the 4-hour pin bar.
XAU/USD daily chart
XAUUSD 4-hour chart