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.
Just like the gold setup I published earlier, I also think NZDUSD will behave the same. Likewise beware of Crude Oil Inventories
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
Price used the core CPI news to take out engineered liquidity below DXY last week's lows and above XXXUSD last week's highs.
We had some nice setups from last week that moved well this week like this one on Nasdaq. All TPs hit
US100 broke structure upwards and there are still imbalances that need to be filled upwards. So I think that it might retrace to the price above which it broke structure, that is around 1162 - 1160 and buy off from there at least up to the current highs at 11826 where a run on engineered liquidity might happen. NOTE: THIS SETUP DOESN'T GUARANTEE PRICE MOVEMENT....
We had this 3H gold sell setup on 5th Dec 2022 that had failed to activate because price was in a rush downwards. So last week the setup activated although it rallied a bit higher than my expected entry to take sell orders at around 1805.80. However, the stop loss wasn't hit and the trade is still active. Let's see how it goes. ALWAYS APPLY PROPER RISK MANAGEMENT.
US100 once again dipped into the 4H order block at 11504 this week from which I anticipated demand to kick in following the previous setup last week. I anticipate DXY to drop further and that's why I think US100 might rally at least to fill a volume imbalance above last week's highs. Let's see how it plays out
If you've been following my setups then you probably saw this DXY setup that was most likely to sell off from a break of structure supply zone. However, since it didn't further break structure last week, it rallied a bit to run last week's short term highs. Let's wait and see how much lower price action will drop. Though with how price action is playing out, it...
I shared the setup yesterday and price spiked to my intended zone during the PMI news then continued upwards. If you're interested in learning you can join my training and or mentorship sessions. I'll be happy to have you on board
DXY has a strong bearish momentum and has already broken structure on the hourly timeframes. I therefore' think that it'll drop further to take run the short term lows created this week and possibly to also run an old week's low. R:R = 2.5. THIS SETUP DOESN'T GUARANTEE PRICE MOVEMENT. APPLY PROPER RISK MANAGEMENT