Hello. I did a sell setup on NZDUSD on 9th Jan this year when the price was around 0.6360 and people rushed in to sell. I've been patiently waiting for price to reach my expected zone and instead it missed the zone by 4 pips before dropping a little and has been consolidating in a range. Let's wait for volatility and see what price action will tell us
Hello and happy pipful year everyone. Based on the current consolidation I think it'd be safe to wait for price to first take out any liquidity lying above the current 2H highs and drive through to the BMs price above. I feel that would be a safe short entry. R:R = 2.7
Hello friends. I hope you're enjoying your holiday with your families and friends. Was just looking at the charts and found out that our DXY setup is still playing along. Happy New Year!
NZDUSD took out and gained liquidity by running last week's lows, I see some bullish momentum developing and that's why I think that a bullish move might most likely happen.
To be honest I had started thinking that the setup will not work because of how price has been behaving lately. However, I would move SL secure my profits if I were you
A look at M15 shows a bearish trend developing. I had posted earlier (19th Dec 2022) that the gold buy setup was a risky setup and we're yet to see how that goes. So in the meantime I think that on the M15 chart, price could drop further to cover a void that was left during its move up last week. A 1:3 R:R.
Since in order for the exchange rate to buy higher, it must first drop lower in order to buy at a discounted price. It's everyday simple business law. Therefore, in this case gold might retrace to fill the 1H void in price then perhaps rally from the fair value gap or the order block. However, I consider this a riskier trade as opposed to the short setup because...
It's that time again, the holiday season when price becomes sluggish and unreadable. However, I see a void in price upwards that might be filled by gold up to the bearish 2H order block that might serve as supply zone to take price bearish. To me that's also a safe area to take shorts. THIS SETUP DOESN'T GUARANTEE PRICE MOVEMENT. APPLY PROPER RISK MANAGEMENT
One of the things I've realized in the years I've used this strategy is that price will 98%+ of the time respect my entry zones even though go in my speculated direction. When you see that happen it means that such zones are special and are also known to the market makers. Price has been consolidating at the supply zone I identified yesterday on DXY but it's not...
There's quite some bearish momentum on DXY and although FOMC issued hawkish statements to try and jawbone the dollar into strengthening it's most likely that the USD will continue bearish though not in the long term. Price action in my perspective agrees with a bearish dollar
Price reached my entry zone which rejected bearish prices for a short while but the initial momentum had become too bearish for price to start buying from that entry. Outcome: SL hit
The setup failed and hit SL. That's why risk management is highly important. No matter how promising a setup might look, only take a calculated risk that is not above 4% of your equity.
We had two setups today: gold and NZDUSD and although gold missed our entry, NZDUSD activated during the FOMC statement and rallied upwards. Price action will determine whether price will continue bullish or not.
Gold has a high volume and momentum bullish candlestick that was caused by yesterday's core CPI news. With the momentum candle having broken structure upwards, I think it's most likeley that price will continue bullish at least to run the engineered liquidity above yesterday's daily high. NOTE: BE CAREFUL OF CRUDE OIL INVENTORIES AS THEY MIGHT NULLIFY THE SETUP
