Gold is still at all time highs at the moment, so I am still not sure if it will go higher and break the previous month high (PMH)/the monthly high from 3/1/22 again OR break and retest this weekly (W) zone that it is currently playing in and go bearish again. I do know that there is a M liquidity zone + a W B (buy) FVG (fair value gap) right under where price is currently at.
For the STRATers, The W has formed a 2-1-2d-Rev.
So what I would like to see price do is break down to the W B FVG and bounce back bullish to hit the PMH(s).
For the STRATers, The W has formed a 2-1-2d-Rev.
So what I would like to see price do is break down to the W B FVG and bounce back bullish to hit the PMH(s).
Trade active:
Price continued down this week. Still looking for gold to drop lower into the W FVG. Gold could continue with a straight drop next week or retest the area that price just left.
For those trading patterns, a large M was created and next week could be a retest of the neckline.
Lets see what price does next week.
For those trading patterns, a large M was created and next week could be a retest of the neckline.
Lets see what price does next week.
Trade active:
Price finally wicked into the W B FVG (fair value gap) zone and bounced back up. I did not catch this entry, but the idea is still open. I have not mastered pending orders yet and was focused on another pair when price hit the entry area I was looking for. Looking to see what the market does at market open, but there are several inverted head and shoulders on lower time frames that make me think price will continue bullish.
