Textbook Distribution playing out right now on Gold right now. Awaiting shorts to fill daily and H4 inefficiencies. Expecting a nice intraday play into 1843. Entry can be after the UTAD, or after the LPSY. Follow your trading plan,
This is only an idea but I see Gold turning around. as highlighted in the red box, there's a secondary test of the demand zone. I'm eyeing a move beyond 1800's into 2000's territory long-term(September into December)
On Friday, there was no reaction from the market after the Parliament Vote. I am expecting a gap on Monday, and further bearish movement to the green zone to end the week. If price gets to the green zone, we can expect the bullish trend to continue in this ascending channel
On Friday, price closed with a bearish pin bar type candle on the 4 hour chart, showing huge rejection off the major zone of resistance (higlighted in red). Looking on the hourly chart, there's a nice evening star setup, indicating that bears may take control and push price down to the support zone (highlighed in green). If price breaks and closes below our...
If price makes it down to the zone between 128.767 and 128.971, and shows some rejection from that zone, then we could expect price to make it up to the 130.5 even handle. Alternatively, price could potentially go below that zone and find support around the 128.14 and 128.476 zone to look for long opportunities to the 130.5 even handle.
Price came down to a major structure level around the 116.531 handle showing some rejection by giving us a pin bar We could potentially see price making it back up into the major zone (highlighted in grey) and from there, look for a break and close above that zone for trend continuation to the upside
On the Daily Chart, we got a break and retest of the ascending channel. This suggests that we may head lower with some bearish momentum . Going down to the 4 Hour Chart, we can see that there was a perfect test of the .786 Fib level (from most previous swing high to swing low), however price was trapped in the zone between 1.3333 and 1.3276, so if there is a break...
If we can get a break and close above the 72.5 handle, we can expect bullish momentum to 74. Entries can be made after the break and close above candle or it can be made after the retest of the support/resistance zone.
We have seen that GBPJPY has been trending downwards for a very long time so we can expect a change of direction at any point in time. Price could potentially bounce from the support level in the ascending channel and continue in the up-trend.
