XAU/USD Thoughts
- On the Daily and 4H timeframe we’re still overall Bullish
- On 4H we see price consolidating since 3rd Sept
- I see a lot of pin bars and wicks formed at the bottom all day today (8th Sept) which to me indicates price wanted to move away from that zone.
- I expect price to break my aqua trend line and trade into the Imbalance Zone 1 which is...
The market has been uptrending since Nov 2016 and came to a reversal in March 2020. I have a identified liquidity zones and areas of price inbalance. Expecting a bullish market to clear a lot of the liquidity above prize trap zones.
Following the current market trend. Anticipating the market to remain bearish until key structures are re-tested.
Expecting a price reversal at 38.2 or 6.8 Fib levels
technically still in a weekly downtrend
1. Waves near complete
2. Price is at the 78.6% and near a PRZ level
3. Price approaching a key resistance area
4. Price may want to push higher to take out liquidity before correcting
5. Price needs to rebalance itself
5. Correction towards support at 50% Fib which lines up with key support area
Using 1D and 4H timeframes, I was able to determine the overall market bias / market trend.
Based on the 1H time frame, price was ranging from end of May right up until around June 20th when it finally broke my support structure (creating a new resistance).
Price has since retested the new resistance structure 3 time befoe finally breakingout around July 13th.
I...
