just saw the setup and looked for 3 confluence for take the trade.
i took the trade on divergence of obv,which was a bullish divergence.
I THINK THAR GOLD WILL GO BULLISH,IF YOU HAVE GONE THROUGH MY PREVIOUS GOLD 15 MIN TRADE YOU MAY KNOW THAT I TOLD IT WILL BE BULLISH.NOW ON THE 15MIN TIME FRAME I SAW THAT GOLD IS SHOWING BULLISH DIVERGENCE ON H4 TIME FRAME.AND ON 2H TIME TIME FRAME IT FORMED BULLISH ENGULFING CANDLE ON SUPPORT SO,PREDICT THAT IT CAN GO BULLISH FOR LONG TERM. FIRST OF ALL I AM...
AS ROM MY SIDE I SEE USD/JPY AS BEARISH . REASoN BEHIND THAT - 1) OBV DIVERGENCE ON 1H TIME FRAME,SHOWING BEARISH DIVERGENCE 2) DESCENDING TREND LINE. 3)STOP HUNTING ON 1H TIME FRAME. STOP HUNTING IS THE MAIN REASON WHY USD/JPY MAY DOWN.
i am really sorry that i have not posted before i took the trade,but i can tell you the reason behind to took this sniper trade with 0% drawdown. 1) THERE ARE TWO DIAGONAL TREND LINE SUPPORTING PRICE. 2) ON 15MIN TIME FRAME WE CAN SEE BULLISH DIVERGENCE ON OBV INDICATOR. 3 )PIN BAR RETRACEMENT ON 50% FIB LEVEL 4) THERE IS ALSO A SUPPORT LEVEL. SO, AS SOON I SAW...
gold being very bearish but now we can expect to be bullish.its showing bullish divergence in h4 time frame.so,i decided to go long on small time frame.
price is making lower low but obv indicator is making higher low showing bullish divergence.so.we are expecting bullish moves in gold.wait for rejection in lower time frame and then place a trade.
price is breaking previous resistances....so, chances are there that price should carry the trend.