The key thing I'm looking for here is price retesting 1899 as a liquidity grab for price to keep pushing up. If we can get that then great, buys will be a very strong possibility of driving up to 1910, if not no big deal but we may end up with a bigger stop loss to allow for a liquidity grab.
This past weekend I drew these channels out stating we had tapped a key level of support as well as the bottom of both channels. An anticipation for price to break out, retest it and move towards the upper band/limit of the bigger channel. As it stands, that is exactly how price played out which indicates a bullish swing in price. HOWEVER The current daily...
Another day another patient play that pays. We waited for price action to tell us what we wanted to see and when it did, we listened and executed a trade accordingly. A great day, an all it takes is one trade a day.
With the higher timeframes all being bearish, it would make most sense to be looking for sells, especially on the lower timeframes as we do not want to be fighting the trend unless we look on a smaller timeframe. Should we see price close below our key area of support at 1881.9 then I will look for a retest of this level where we can take a sell-limit and aim for...
Looking at the 4h timeframe there is a bullcase for buys at this level. 1. we are at a key level of support 2. the smaller bearish channel has seen us bounce from the lower band of the channel which aligns with the support level 3. the larger bearish channel is yet to see a test of the upper band, which should we break up through the smaller channel, retest, we...
As ever with gold, it's a staircase up and elevator down. Price has been bearish since the 8th of august with a new low being created, breaking the lows from June after the March pump and with a high amount of liquidity being grabbed there is definitely a chance for buys here. 1876 on the daily timeframe being respected would be a key area for the weekly candle...
Another week of more bearish price action. All in all it was a good week for trading with no losses being taken and successful trades (all have been reviewed and broken down here) So with price closing below another key area of support, the expectation is going into the final week and a half of August price should continue down with little to no support...
So today we had 2 successful trades - one was a "forward testing" trade with only 0.01 lots being traded, the other was our routine style of trading where we waited patiently for price action to do what we wanted it to do. In this case, price closed below our level of support, once it did that we executed sells and with proper risk management, we closed partial...
Sells taken on the 30m after price closed below our key level of support
Similar to previous trades where I have buy or sell limits, I'm once again testing a trade where if I see price action behave a certain way I will aim to take the trade at a small lot size as a form of forward testing. I see this being a liquidity grab and double top forming before price continues down. As we scalp, we only want 10+ pips so will be a very...
Looking at buys above the 1912 level on the 4h timeframe, should we see a closure above here I expect price to continue up towards at least 1920, however overall price is still bearish, but my bias will flip should we see a push up, creation of a higher low and we can then take the trade.
I have returned from my travels, apologies for the lack of ideas over the past 24 hours! Gold closed below the key support area of 1903 on Tuesday, and wednesday saw the expected reaction of price continuing down especially with FOMC minutes adding to the move. What can we expect from here? To keep it brief, on a daily timeframe I'm expecting 1965 to be tapped...
As mentioned earlier on the daily and 4h breakdown we were looking for sells on the lower timeframes with candles closing below a key level of support. that is exactly what we got and we took sells with the intention of closing the trade at 10pips+ profit. This was executed before news came, however even with news we would have smashed our target as price moved...
Following on from yesterdays 4h breakdown, it's clear to see that our level of rejection was correct with price seeing a sharp rejection off of it and price retesting the 1912 level, almost a $20 rejection. From here what can we expect? with price action showing indecision at a support level it's hard to say for sure, but the longer we spend within this range the...
Sure enough Asia session was low volatility as mentioned last night, with price barely moving at all in 6 hours. Sells are still on, we will need to see price close below the sell level and watch out for a retest of 1903 before continuing down to 1895 Should price reject 1903, I can see the following scenario play out where price retests 1912, creating short term...
With sells still being the primary bias, we can look for sells at 1901 down to a potential 1895 where we may see rejection and price bounce towards the 1920 level. I wouldn't be taking sells during asia session purely down to the fact it's unlikely we have volatility given no news from the US yesterday but anything can happen in these markets.
In yesterdays breakdown I mentioned we could see a push to 1903 and we saw that today. With price having tapped the support we last saw 2 months ago, there is a chance from here we continue down. Could we bounce? Absolutely, the question comes down to did we grab liquidity first. 1893 would be a potential level where we see liquidity being grabbed and price...
With gold selling off it's always worth taking a look at DXY. DXY is good for a reference on possible signs of strength/weakness so we can plan ahead with gold. So taking that into account, it's clear there is enough strength in DXY for the 103.66 level which I had mentioned on July the 24th (Linked idea) after creating support in the 90's