XAUUSD | Idea | Impulse Butterfly + Sell Zone

Here is an idea for XAUUSD today.

XAUUSD is still bearish until the daily tells me otherwise. With that in mind I'm looking for short.

Optimal entry should come in around 5:00am-5:30am (est), maybe even NY, I'd prefer the UK/EU lunch break.

Idea:

- Using an institutional zone from yesterday, we have an impulse butterfly pattern potentially completing with divergence.
- The red zones are where there is the most bearish volume based on price action analysis.
- To retail traders they see this as a double bottom, this could be a plow to trigger them long, while the institutions sell against it.

Entry signal: Price hits turquoise zone, gives a BULLISH ENGULFING, then gets reversed on + RSI crossover.
-Enter on the retest of the BULLISH ENGULFING BREAK

Entry timeframe: 5min or 15min

Targets: 38.2%, 61.8%, 100% of a trend based fib..

Note: I am already done for the day, but I'll update this for practice/execution purposes.

Enjoy,
Gio

Comment:

still watching, I would like that first red zone $1708 ish, to get hit then get the reversal, to me it would confirm the sells are in the market to push the price down.

Going on break.

Order cancelled:

Still bearish on it, but not today, price looks like it wants to run for $1715 for UK close

Comment:

Also, no entry was given on the 15m (need a bullish engulfing to get reverse on for entry)