Scalping Gold: How I Target 60 Pips Daily with Multi-Timeframe Analysis

Introduction

Consistency is the holy grail of trading. While many traders chase home runs, I've found that targeting 60 pips daily through disciplined scalping can build substantial profits over time. In this post, I'm sharing a complete breakdown of my gold trading session, demonstrating how I use multi-timeframe analysis, risk management, and patience to achieve consistent results.

The Foundation: Multi-Timeframe Analysis

Before entering any trade, I always start with a comprehensive market overview. Here's how I analyzed the gold market during this session:

### Daily Timeframe (D1) Analysis

On the daily chart, the picture was clear: a strong bearish trend was developing. I observed a powerful bearish candle attempting to engulf the previous bullish candle, signaling strong downward momentum. This gave me my directional bias for the session.

Key observation: When you see this type of engulfing pattern on the daily chart, it often indicates that the bears are in control.

### Hourly Timeframe (H1) Analysis

Drilling down to the H1 chart, I incorporated the 50-period moving average (though I mistakenly called it 250 at one point in the video). The price action was showing:

- Strong downtrend structure

- Price trading below the 50 moving average

- Clear resistance level at 2,149.20

This confirmed my bearish bias from the daily timeframe.

### 1-Minute Timeframe (M1) Analysis

Here's where scalping becomes both challenging and exciting. On the 1-minute chart, I noticed:

- Some bullish reversal signals

- A strong reaction point that required careful attention

- Consolidation patterns indicating market indecision

The key to successful scalping is understanding that lower timeframes will show more noise and false signals, but they also provide optimal entry points when aligned with higher timeframe trends.

My Trading Strategy: The 60 Pips Daily Approach

My goal is simple but powerful: capture 60 pips every day through disciplined scalping. This approach offers several advantages:

1. Consistency over big wins: Small, regular profits compound over time

2. Lower stress: Not chasing massive moves reduces emotional trading

3. Clear daily targets: Having a specific goal keeps me focused

4. Risk management: Smaller profit targets mean tighter stops and better risk/reward

The Trading Session: From Loss to Profit

Let me walk you through exactly what happened during this session.

### Trade #1: The Initial Loss

Despite my analysis pointing to a strong bearish trend, my first trade hit the stop loss. This happens, and it's a crucial part of trading that you must accept.

Loss: -$5

After the loss, many traders would panic or abandon their strategy. I didn't. Why? Because I had:

- Proper risk management in place

- Confidence in my analysis

- A clear trading plan

### Trade #2: Doubling Down with Conviction

After reviewing the charts, I saw something important: the bearish momentum from the higher timeframes was still intact. The 1-minute chart showed a strong bearish rally, and I noticed a retracement forming.

Historical context matters in trading. Looking at the price action between November 10-11, I saw similar patterns where gold found support/resistance at this level before making significant moves. This gave me additional conviction.

My decision: Double down on the sell position.

This is a controversial strategy, and I want to be transparent: doubling down increases your risk significantly. Only do this when:

- Your analysis remains valid

- You have proper risk management

- You can afford the potential loss

- The market structure supports your original thesis

### The Result: Patience Pays Off

As I monitored the trade, I saw exactly what I expected:

1. A retracement occurred (as anticipated)

2. Strong bearish candles formed below the 50 MA

3. The bulls attempted to fight back, creating resistance

4. Eventually, the bearish trend continued

The trade hit my take profit target!

Profit: +$6

After recovering from the initial $5 loss, I was now up $1 for the session. But I wasn't done yet.

## Trade #3: Riding the Momentum

With my analysis proven correct, I waited for the right setup to take another position. The key level was clear: if price moved above 2,149.20 and then showed rejection, I would enter another sell position.

I watched carefully as the price action unfolded:

- Price moved above my key level

- Bulls attempted to push higher

- Bearish candles started forming, showing rejection

- The downtrend resumed

I entered another sell position with proper stop loss and take profit levels.

The Moment of Truth

Trading requires patience. As the trade developed, I saw the bearish candles facing resistance from the bulls. There was contention in the market, but I trusted my analysis and my risk management.

The beauty of having your stop loss and risk management in place is that you can remain calm even when the market moves against you temporarily. You know that in the worst-case scenario, you're still protected.

The result: The trade moved in my favor and hit the take profit target!

## Final Results: Mission Accomplished

Here's how the session ended:

- Trade 1: -$5 (Loss)

- Trade 2: +$6 (Profit - recovery trade)

- Trade 3: +$6.97 (Profit)

- Total Session Profit: Successfully achieved 60+ pips target

Key Lessons from This Trading Session

### 1. Multi-Timeframe Analysis is Non-Negotiable

You cannot scalp effectively by only looking at the 1-minute chart. You need the bigger picture from daily and hourly timeframes to understand the true market direction. This gives you the confidence to stick with your analysis even when lower timeframes show conflicting signals.

### 2. Historical Price Action Provides Context

I referenced the November 10-11 price action because similar patterns often repeat themselves. Markets have memory, and levels that caused reactions in the past often do so again.

### 3. Risk Management Allows Aggressive Trading

The only reason I could confidently double down after a loss was because my initial risk was controlled. If you risk too much on each trade, you won't have the psychological freedom to make optimal trading decisions.

### 4. Patience During Trade Execution

Once you've entered a trade with proper stop loss and take profit, your job is to wait. Don't close trades prematurely out of fear. Let your levels do their job. Trading is about making the right moves and having the discipline to see them through.

### 5. The Bulls Will Fight Back (And That's Okay)

Even in a strong downtrend, you'll see bullish reactions and resistance. This is normal market behavior. Don't let it shake your conviction if your higher timeframe analysis remains valid.

### 6. Small Consistent Profits Compound

Sixty pips might not sound impressive, but do this daily, and you're looking at 300 pips per week, 1,200+ pips per month. Consistency beats home runs every time.

My Trading Rules for 60 Pips Daily

Here's the framework I follow:

Before the Trade:

- Analyze D1, H1, and M1 timeframes

- Identify clear directional bias

- Mark key support and resistance levels

- Wait for optimal entry on the 1-minute chart

During the Trade:

- Set stop loss based on recent swing points

- Set take profit at 60 pips (adjustable based on volatility)

- Use 0.01 lot size (adjust to your account size)

- Never move stop loss away from entry

- Allow the trade to reach take profit or stop loss

After the Trade:

- Review what worked and what didn't

- Don't chase the market if your daily target is hit

- Maintain detailed trade journal

The Psychology of Scalping

Scalping gold on the 1-minute timeframe tests your mental strength. You need:

- Discipline: To follow your rules even after losses

- Patience: To wait for the right setup

- Emotional control: To stay calm during market volatility

- Confidence: Based on analysis, not hope

The most difficult part isn't the technical analysis—it's maintaining your composure when trades don't immediately go your way.

Is This Strategy Right for You?

This approach requires:

- Ability to watch the charts actively during trading sessions

- Understanding of multi-timeframe analysis

- Solid grasp of support/resistance and moving averages

- Strong risk management discipline

- Emotional maturity to handle losses

If you're new to trading, I recommend:

1. Starting with a demo account

2. Mastering higher timeframe analysis first

3. Understanding that 60 pips daily is a target, not a guarantee

4. Building your strategy step by step

Watch the Complete Trading Session

Want to see every candle, every decision, and every moment of this trading session in real-time? I've documented everything in my YouTube video, including:

- Live chart analysis across all timeframes

- Real-time entry and exit decisions

- My thought process during losses and wins

- Detailed explanation of the 60 pips daily strategy

👉 Watch the full video here:

 

Final Thoughts

Scalping gold for 60 pips daily isn't about finding a "holy grail" strategy—it's about having a solid plan and the discipline to execute it consistently. Some days will be easier than others. Some trades will lose. But with proper risk management and multi-timeframe analysis, you can build consistency over time.

Remember: Trading is all about making the right moves and making sure you have what it takes to see them through.

Ready to learn the step-by-step process of how I achieve 60 pips daily? Make sure you subscribe to my YouTube channel for more live trading sessions and detailed strategy breakdowns.

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What's your daily pip target? Have you tried multi-timeframe analysis in your scalping? Share your experience in the comments below!

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*Disclaimer: Trading forex and CFDs involves significant risk of loss and may not be suitable for all investors. Past performance is not indicative of future results. The content shared here is for educational purposes only and should not be considered financial advice. Always trade with money you can afford to lose and consider seeking advice from an independent financial advisor.*