I will be looking at this area for my buy on this pair. Here are my reasons:
1- We had a break of structure to the upside on the weekly timeframe
2- Same phenomenon happened on H4 and confirming the trend, we have successive higher highs, indication of an ascending trend
3-There is a volume divergence at the area of entry, sellers were exiting and buyers...
This is my take on FX:AUDUSD , I am looking to buy between 0.71768 and 0.71548.
I start my top-down analysis starting from weekly, H4 then H1
From W1 we tapped into 50% of the order block and started to go up to break the high at 0.72770
On H4 we did the same thing,
So now we wait and see
I am going to sell GU around 1.37558, here is why.
I always start my analysis from a big timeframe either weekly or daily. That does not mean that I wait days or weeks before taking my trades; I just follow the trend and take trades according to the big timeframe's target. For example, when we touch 1.37558 I will ONLY look for sells until we reach the...
I am forecasting gold to go up from here, we entered an area of demand with volume divergence. Volume divergence is where sellers are exiting the market and buyers are coming in usually.
I also like the fact that from my entry we had two breaks of structure and a liquidity grab.
If you do not see liquidity that means you are the liquidity.
Those who follow me know that I only trade with pure price action and volume . If you are someone who also hates the subjectivity of indicators then you'd find this interesting.
This is what I look for before taking continuation trades, keep in mind that what's important when you trade like that is the concept of weak high/lows and strong highs/lows.