Gold that has been creating lower highs and lower lows on the daily, has retraced to a LH and bounced strongly off the last recent institutional candle. Looking for gold to continue its way to the downside, reaching the target areas below. Looking for it to make a new lower low taking out the liquidity below, also filling out some areas of imbalance. Two potential entry areas price may reject from for a SELL trade at 1790.80 and 1793.65 (0.786 and 0.88 on the fib). Low risk, high reward trade setup.
There's also great potential the trade can break past the stoploss area as there are target areas there too that price may want to come to. If that happens, will then look for potential trade setup in that area.
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Price has broken mini uptrend on the 1 hour, created equal lows that will make a nice target area, and is also shooting up closer to entry area.
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Trade missed the first ideal entry area by about 10 pips, but rejected strongly from that zone and dropped for about 150+ pips. Price may come back to fill open order and continue down to take out the first equal lows target.