XAUUSD LONG- ASIA SESSION - 1:9 RR
Good Morning Asia,
A fantastic day yesterday for Gold. We saw the completion of our bearish cycle with price breaking below the HTF LOR in NY session.
Today, I can see that price has now established a new H4 break which will be my frame of reference for todays trading. Here is a chart shot of the H4 range and what I project.
Based on this frame, we can see that two opportunities presents itself to me today. The first is to look for an opportunity to go long towards the HVA area if a good RR setup presents itself (1:2min) and the second is to be a seller from above the HVA towards the LOR which would most likely yield a higher RR opportunity.
However, I am also cautious of the H1 frame that is nested within the H4 which might produce a more shorter term accumulation before the move towards the H4 HVA, like this:
The setup I posted is based on the first opportunity to buy towards the H1 HVA. My pending is just below the day open price. If price first rallies towards the M15 BSL pool then this setup would be invalidated and I would be more attuned to selling from the M15 BSL pool towards the H1 LOR.
Feel free to share your thoughts/feedback.
Happy Trading.
A fantastic day yesterday for Gold. We saw the completion of our bearish cycle with price breaking below the HTF LOR in NY session.
Today, I can see that price has now established a new H4 break which will be my frame of reference for todays trading. Here is a chart shot of the H4 range and what I project.
Based on this frame, we can see that two opportunities presents itself to me today. The first is to look for an opportunity to go long towards the HVA area if a good RR setup presents itself (1:2min) and the second is to be a seller from above the HVA towards the LOR which would most likely yield a higher RR opportunity.
However, I am also cautious of the H1 frame that is nested within the H4 which might produce a more shorter term accumulation before the move towards the H4 HVA, like this:
The setup I posted is based on the first opportunity to buy towards the H1 HVA. My pending is just below the day open price. If price first rallies towards the M15 BSL pool then this setup would be invalidated and I would be more attuned to selling from the M15 BSL pool towards the H1 LOR.
Feel free to share your thoughts/feedback.
Happy Trading.
Trade active
Trade closed: stop reached