In my second trade of the day, I focused on the pre-NY session, where I observed specific confirmations before entering the market. Firstly, I noticed that the price retested previous zones, particularly rebounding from exact support levels from earlier sessions. This indicated a strong level of support in the market.
Additionally, I observed the formation of a robust bullish candle, signaling potential upward momentum. When this bullish candle broke out, I saw it as a confirmation of bullish strength and decided to enter the trade.
As I waited for volume to increase, validating my analysis, I managed to capture a total of 40 pips in profit. To secure gains and manage risk, I closed 80% of my position when the price reached 30 pips. However, I opted to keep a small portion of the trade open as a "runner," allowing it to potentially capture further profits if the market continued in the desired direction.
This trade highlights the importance of patiently waiting for confirmations and executing trades based on sound analysis, ultimately leading to successful outcomes in trading.