considering the liquidity taking at 1.10484 and the instant bearish fall has negate the demand zone around 1.09378 - 1.09134 hence expect more of bearish sentiment
considering the daily Bullish engulfing after taking the SSL on the demand zone could result to a possible take out of the supply zone 1.32341 and further push to the upside, however price might respect the supply zone and push to the downside for SSL hunt.
Making a top down analysis from higher TF, starting from weekly, looking at the ascending trend line, gold is in uptrend, after weeks of correction that broke the trend line into the strong demand zone, moving to daily TF and seeing a reversal candle stick star pattern on the strong demand zone it could be the end of the corrective move.
on 4H TF price is in range...
The price is testing the resistance on the 4h timeframe and now the market is trying to create a new higher high
How to approach it?
IF the price is going to have a breakout, According to Plancton's strategy , we can set a nice order
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure ->...
The price is testing the 0.786 Fibonacci level, it's a key level for the market.
On the weekly timeframe, the price lost the support on 0.083$
On the daily timeframe, the price had a breakout from the daily resistance of 0.072 $ and retested as new support.
On the 4h timeframe, the price needs to create a breakout from the supply zone above the 0.085 and...
✅ Potential long opportunity if we see price respect the bullish structure, preferably price remain trading above 0.69 major level.
❌ Long bias invalidated when price trading below 0.6870 level.
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Traders! if you like my ideas...
✅ Potential long opportunity if we see price respect the bullish structure, preferably price remain trading above 1.25 major level.
❌ Long bias invalidated when price trading below 1.2450 level.
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Traders! if you like my ideas...
Daily trend is down price came up and triggered my alert early on the 17th to go short, didn't see any clear rejection. Price sold off eventually and came down and cleared the daily gap, retraced then showed very clear direction toward the end of the trading session. After what appeared to be a stop hunt of the initial alert retest, price seems to be showing signs...
