Looking at Gold on the monthly chart, I found an imbalance that has not been filled yet. When I dropped down to the weekly, a bearish order block was also found. I think that gold will go up and retest the OB before returning to fill the imbalance then going back up to fill more orders at the OB.
So I have been studying smart money concepts lately and here is my first try at it. The market makers have already taken out the stop losses so I am expecting them to drive price down now. I will not be taking this trade in my live account because I am still in the learning process but I will take it in my demo.
EJ has started on the second leg of an M formation on the 1 hr chart. I think that it may continue to drop to the golden zone between the 0.50 and the 0.618 fib levels or perhaps even lower. I will be waiting on the 15 minute chart to enter once I see an opening.
EURUSD is currently at a very strong resistance zone and forming a potential M formation. I think over the next week or so it will make its way down to my TP3 or maybe even further as there is an even larger M formation on the daily chart.
This would be one to definitely watch closer and even move your stop loss into profit as the trade progresses.
Here is my analysis if GA for next week. I will be waiting for the trend line break to take the buy to my take profit zone between the 0.50 and the 0.618 fibonacci levels.
If price should break through the support zone, I will wait for the retest and take the sell to the next level of market structure.
Wait for the break and retest of the zone and take the sell. If price breaks through support, wait for the retest and take the buy. Take the sell to the 50% fibonacci level.
As always, trade at your own risk.
Here is my sell trade idea for GBPUSD. I will be waiting for price to drop down to the base of the green candle that formed the top of the left shoulder. Once that happens, I am waiting for price to come back anywhere in the zone between the close and the top of the wick that formed the left shoulder.
Once the right shoulder is formed and price action gives me...