XAU/USD SHORT IM LOOKING TO TACKLEXAU/USD 15M - I am looking to place a short position here with this market as price has traded us recently into a higher timeframe area of Supply and has shown signs of bearishness since.
What makes me believe this is a break in the last protected low you can see on the left side of this screenshot, that is the last protected low as that low created the highest high within that last bull run.
Wha we have seen now is price trade us back up to set a new lower high before what I think will be a new lower low. Its important we find areas that price may trade up and into in order to set a new lower high and this is an area I have in mind.
My reasoning for this is because there is an order block that I have marked out that was left unmitigated, what we have seen since price has traded into that order block is good rejection.
The trade itself is slightly pre-emptive with us not waiting for another fractal break but if we get taken out I will look to get re-introduced is price trades us up and into another OB slightly higher.