XAU/USD Long with 6.8 R/R - approaching bullish Orderblock
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What we have here is very interesting. We saw a sharp drop after reaching OTE of our bearish Orderblock without retesting significant levels. This indicates that liquidity is left on the upside.
We just closed our 12hr candle bearish below $1285.30 which signals us that we could get lower towards $1276.70, right where our 200-EMA lies. I expect us to bounce off this level, if not we're taking out three equal lows and get to the downside of our bullish OB.
Targetting for OTE that fits with EQ from a longer term block.
More risky Stop-Loss: $1270.50
More conservative SL: $1264 as 200-MA is sitting right there.
Crucial levels: $1281.40 - $1277.50 - $1274.50
What we have here is very interesting. We saw a sharp drop after reaching OTE of our bearish Orderblock without retesting significant levels. This indicates that liquidity is left on the upside.
We just closed our 12hr candle bearish below $1285.30 which signals us that we could get lower towards $1276.70, right where our 200-EMA lies. I expect us to bounce off this level, if not we're taking out three equal lows and get to the downside of our bullish OB.
Targetting for OTE that fits with EQ from a longer term block.
More risky Stop-Loss: $1270.50
More conservative SL: $1264 as 200-MA is sitting right there.
Crucial levels: $1281.40 - $1277.50 - $1274.50
Trade active:
This is looking very good! Let's see how we close this 12hr candle. Current formation could indicate a potential bottom for this sharp drop.
