Looking at the 4 hour timeframe on the Gold Chart, we do see it is still in a Sideway phase waiting for a strong breakout to either the upside or then downside. All we can do now to collect pips win is to scalp, which is a bit risky since it can break out at any moment. If it breaks out in the right direction, we'll profit, but if it breaks out against your order, it'll either hit your stop loss or drag your order into a negative floating profit.
So what should you do to minimize that lost? The best way right now is to align yourself with the the trend in HTF, which means if it is still an uptrend in the HTF either weekly or daily, we'll be looking to get a buy position. And to get a buy position is to wait for the price to retrace down, clearing off buy position before we can make an entry. What's more important though is to never follow buy or FOMO when is breaks out because that is where most of the retail traders get their orders filled, which means the chart will have to retrace back to clear off those position, after then we'll enter with a position.
I must add a little bit though, most of the time people get liquidated when they try to go against the trend, going on FOMO, opening too big of a position compared to their capital size. There people are too greedy to even have the basic patience a trader needs. Most come into the market and manage to win big money by coincidence and think they have the skill to stay in the market and then start adding more capital into their portfolio daydreaming of bright future with a mansion and a sport car with luxurious lifestyle. Little did they know that those are all illusion with even a glimpse into reality that by not having the required knowledge, it's all a gamble.
