XAUUSD: What a way to end November, and start December!
I got in my Gold buys at 2035 and 2038 after seeing the retest of the market structure breaks at 2034 and 2039. I was expecting price to explode to 2051, where I would have began to anticipate sells. However, price pushed to my target of 2062.
The month of November closed at 2035 after creating the high of the month at 2051. This indicated to me a strong bullish momentum. The price action of the last two days of November set-up as a spring board for the new month to rally.
Focusing on the daily low of Nov 29th (2035), it is a 4h fractal that was raided on the following day. The 4h candle printed the daily low of Nov 30th (2031) and closed above 2035, at 2036. From that, I marked out the last fractal high before 2031 was printed on the 1 minute (2034), 15 minute (2039), 1 hour (2043) and 4 hour (2047) chart. I use these fractal highs as my market structure's, waiting for them to be broken (closed above). Once those prices are closed above, order flow has become bullish and the market maker has switched hands. I waited for 2043 to break, and anticipated 2047 to be strong and push prices back down into a 1 minute bullish order block (2032-33) below 2034 that was formed after the market structure was broken, in an initial retest to gain momentum to attack 2043. This is a great example price action and accumulation and distribution in a trend.
I anticpated the juice taken at 2032-33 to break 2047, so I opened my buy positions at 2035 and targeted the November high at 2051 as my take profit. A very good trade. I did not anticipate the rally to 2071 to happen today, however I am equiped for a retest of 2047, or a continuation to 2078.
The month of November closed at 2035 after creating the high of the month at 2051. This indicated to me a strong bullish momentum. The price action of the last two days of November set-up as a spring board for the new month to rally.
Focusing on the daily low of Nov 29th (2035), it is a 4h fractal that was raided on the following day. The 4h candle printed the daily low of Nov 30th (2031) and closed above 2035, at 2036. From that, I marked out the last fractal high before 2031 was printed on the 1 minute (2034), 15 minute (2039), 1 hour (2043) and 4 hour (2047) chart. I use these fractal highs as my market structure's, waiting for them to be broken (closed above). Once those prices are closed above, order flow has become bullish and the market maker has switched hands. I waited for 2043 to break, and anticipated 2047 to be strong and push prices back down into a 1 minute bullish order block (2032-33) below 2034 that was formed after the market structure was broken, in an initial retest to gain momentum to attack 2043. This is a great example price action and accumulation and distribution in a trend.
I anticpated the juice taken at 2032-33 to break 2047, so I opened my buy positions at 2035 and targeted the November high at 2051 as my take profit. A very good trade. I did not anticipate the rally to 2071 to happen today, however I am equiped for a retest of 2047, or a continuation to 2078.