This is a risky trade, but Im going to be taking it with a small lot size, it has a big potential.
I think the strong bearish leg has now come to an end when I look at a smaller time frame I can see that there is now a change in character (reversal) and we can also see that theres an imbalance in the market and orders that need to be filled, so the high probability is that price will go up from here.
Price is at a supply zone on higher time frames, and has reversed with a strong bearish pattern, I then drilled down to 1hour and 15min time frame to look for an entry and exit
GOLD has been creating an almost what seems a complicated structure, but we can see it keeps breaking below previous lows and leaving liquidity meaning that before it resumes the down trend it will go up to grab liquidity, what I can also see is and order block that has not been mitigated
USD pairs have being consolidating alot recently but if I stick to the rules and not fundamentals, I see that this pairs is going down abit, it may not go all the way but for now it still has bears still in control. Im personally not taking this trade.
My previous signal kicked us out, it happens, the reason we were kicked out is because price took out liquidity, what I am seeing now in the smaller time frame is the trend is now reversing and coming back in the supply zone, I will enter using my entry method
Price was making higher highs and has low broke below the last higher low and has also mitigated the supply zone, its a nice fresh zone to sell from
Hi traders, price has come to fill out imbalance on the 4hourand we are seeing some rejections on this level, what we can also see is that it has retraced to a golden level on the fib so we have a 90% chance that price will fall from here.
In my opinion, GOLD is not ready to sell yet especially because the price is still expensive where it is at the moment. There are unfilled orders and a huge liquidity waiting to be taken out, market is moving slowly so people can make mistakes, take your time to make the correct decision. I am still short term bullish until the previous order block is mitigated...
This is one of the setups im interested in as soon as it gets to the demand zone, I personally wont enter sells here because it will be more of a correction, I will wait for the next impulse
Why im looking for sells on this pair? Price left an order block on the far left, as the price was going down we saw some liquidity being created, it then came back to take it out and to fill the imbalance and started rejecting from that fresh zone it is now testing it again making way to enter. as you can see the RR s very good as well.
Like the GBPUSD Im looking for rejections in this order block area and a signal to show that we are now continuing bearish, this is a 1:7 RR
With this setup I have put sell limits according to the according to the chart my stop loss will be above the order block, I may enter manually again when I get the candle stick pattern I am looking for at my entry zone to maximize profits. This is a 8% reward trade but I will follow my plan and take partials as and when necessary.
Trading can be so pedantic, we can wait days, weeks, and months for 1 good opportunity, if you have been following my gold posts you will notice that this buy was predicted many days back even when many were saying it will fall... this is an impulsive wave C.
Price is rejecting nicely on the fib level 0.618 we also see it at the top of a channel, what we want to see is a breakout and close below the trendline then we can have a strong confidence in the sell.
We have been watching a big correction know as the WXY correction in Elliot Wave Principle, I strongly believe the correction is finished now and we are now going to see an impulse and price being pushed higher, what are your thoughts on this pair? This is such a great opportunity if it pans out the way I have marked it Remember to use risk management at all times
This is a good level to sell from a risk to reward ratio, waited about 2 weeks to have price in this area and now we can see that the momementum is bearish.
What we are seeing is what others call a double bottom, others call it a W pattern, others would say wave 3 is forming, look the list goes on so what I am trying to get to is that there are many chances that there are alot of buyers in this area coming in especially with the bullish engulfing candle that has also formed so Im not going to trade against them I will...