In the pre-NY trading session, an opportune scalp trade presented itself as gold prices breached the crucial resistance zone around 2170. Traders keenly observed as the price action retested this zone on the 30-minute timeframe, signaling a potential continuation of bullish momentum.
With careful analysis and consideration of market dynamics, traders seized the moment when a new candle broke above the high of the retesting candle, confirming the validity of the uptrend. Notably, this entry occurred during a period of heightened volume, characteristic of the pre-NY session, enhancing the trade's credibility.
Aiming for quick gains, traders capitalized on the favorable conditions, capturing a commendable 30 pips in profit. However, prudence prevailed as traders remained mindful of the significant key level between 2175 and 2178, which could potentially impede further upside movement.
Given the importance of risk management, traders opted not to leave a runner, prioritizing the preservation of capital over the pursuit of additional gains. This decision underscored the importance of authenticity in trade selection, emphasizing quality over quantity and avoiding the temptation to overtrade.
In conclusion, the pre-NY scalp trade exemplifies the art of precision trading, where traders leverage key technical levels and market dynamics to their advantage. By adhering to a disciplined approach and managing risks effectively, traders can navigate volatile markets with confidence, achieving consistent profitability while safeguarding their trading capital.
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