1. XAUUSD on the hourly chart is doing a common pattern called impulse reversal impulse (on daily also, but is on the third stage)
2. Now we are in the reversal stage, so we need to wait for the price to end the reversal and start the coming up-impulse
-I placed the impulse levels on the chart, these levels (Which are from my Fibonacci strategy) have a lot of probability of pushing the price 100 or 200 pips above, SO I highly recommend using a high RR ratio on your entry.
-The big blue area represents 50% of the daily impulse, entrys are above the areas, just when price touches the areas, and SL may be very small from the area price expecting high RR's
2. Now we are in the reversal stage, so we need to wait for the price to end the reversal and start the coming up-impulse
-I placed the impulse levels on the chart, these levels (Which are from my Fibonacci strategy) have a lot of probability of pushing the price 100 or 200 pips above, SO I highly recommend using a high RR ratio on your entry.
-The big blue area represents 50% of the daily impulse, entrys are above the areas, just when price touches the areas, and SL may be very small from the area price expecting high RR's