From the chart earlier where we were looking at sells we have seen price close below our level. As it was at the start of the New york session, ther was enough volume for price to continue driving so we took sells, and once price pushed 15 pips down we took partials and moved stops to break even.
Looking at the 15m and 5m gold timeframe we can see potential scalps going both ways here. Looking to scalp gold on the 5m timeframe, sells are looking a lot more probable for me but I wouldn't shy away from buys if we can see a break of the 1917.653 level, followed by a liquidity grab towards 1915.874.
overall compared to last friday not much has changed on the daily timeframe. We have a weak bullish candle print to close the week off, despite a pump from the news released on Friday price continued to make it's way down and overall the target remains the same as what we saw on the weekly, expecting a liquidity grab at 1870 before price bounces and moves back up....
Another bearish week, another closure below a key level on the weekly. The close below 1917.318 is key because this was a previous level of support when looking back over the past 3 years. With this in mind, when we have seen the weekly candle close below this level there is a high probability of price driving down to 1873, with some resistance at the 1900 level...
based on the levels after news we can safely look at 2 key levels where price can go either way. I do not marry a bias, I am very much here to scalp so for that reason I'm fluid with direction. We have had 1 win already today which was posted 2 hours ago, a second one to close the week off would be great from here.
Curently looking at buys on the 1h timeframe for a scalp, and then further buys should we see gold close above 1920 on the 1h time frame with anticipation of the 4h candle flipping after a bottom wick forming.
Looking at the breakdown of why the trade we took earlier that was marked with a buy limit line based on closure of HTF candles so that we can use this to learn from and add to our experience. Overall a very good thursday, tomorrow is another day and we do it again.
A very interesting post-CPI and unemployment claims market, with bad numbers for the USD causing gold to spike up towards 1928 and then retracing the entire way and closing bearish. The orange comments have been left in as they are still relevant but overall, I still expect price to continue down to the support at 1900 to fill the range on the daily timeframe.
4h candle has closed bullish above a key level of support turned resistance, now on the lower timeframes we can look for entries based on price action for liquidity to sweep recent lows and move up above 1932+
With CPI and Unemployment claims news out of the way, volatility has played its part and given us a range to assess price with. What we may have just seen was a liquidity grab to the upside for price to continue down, if this is the case we will see a bottom wick form on the daily time frame for price to continue down.
Similar to yesterdays trade, we're looking to take another trade testing out this strategy I am working on. If gold 1h candle can close above the purple line 1921.738 then I will have a buy limit set at 1920.259 It is a very circumstantial trade, but that is why I am currently live testing it and keeping journal of them in the form of these posts so that...
Following yesterdays analysis, it looks like price action is following our bearish path expectations where price closed below support, created it's own support and is retesting the previous support as resistance before continuing down. With news today in mind - buys would have to be 2-3 ranges above current price point, however looking back at the daily timeframe...
Gold closed below the 1922.62 support level - in the past when price has closed below here we see price tap 1903 With this in mind, the most optimal trade entry would be taking a sell at 1927 - why? because if you look at price action in the past, there is always a tap on that price level as price moves down and we haven't seen that yet. Keep in mind we have...
Yesterdays buy that we were testing the method of ended up being a success. This is good, but it's only one case out of many more to come. The overall theory of the trade was price breaking out of a range where there was strong support, tapping into a level that we had tapped before with anticipation that price would move back to the top of the range where our...
Price reacted from our level and we are currently 10 pips in profit so we can move stops to break even and take partial profits here. As mentioned earlier, this was a sample trade as I live test a new strategy I'm currently looking at.
Looking at previous price action, buy limits are set at very key areas of rejection By anticipating price to come and tap these levels we are aiming for very quick 10 pip scalps. Break out of the range to the downside, grab liquidity and ride it back up. Tight risk management is key! This is not a trade I am taking on my personal account, only for live-testing...
So today wasn't the best of days, 1 sell trade taken too early where we got stopped out before price tapped into our Take Profit level, and the second trade was an impulsive buy based on the theory that the 5m candle grabbed liquidity, however this was incorrect and price reversed on us. As always, transparency is everything, both trades were losses and...
With the DAX making all time highs and now creating new levels of support, the best we can do is work with previous levels. When an instrument is making ATH's it is difficult to chart exactly where the next level of resistance will be, as it is all untested area and it's up to the market to decide just how overbought it really is before we can move down. Looking...