Based on smart money concept, relatively equal lows would account for liquidity (where retail stop loss orders are). The big players may drop prices to the liquidity area to take out retail traders who bought too early (support). If this speculation is accurate, we can look to join the temporary sell from the supply zone which xauusd is approaching this week. It is best to wait for reactions that suggest the bearish move from the supply zone.
Other Bearish confluences may include.
1. 3rd touch on down trendline.
2. Lower time frame bearish pullback to discount Fibonacci levels.
3. Psychologically speaking, I don’t feel comfortable buying an asset above liquidity, lol. (Not a financial advise though)
Other Bearish confluences may include.
1. 3rd touch on down trendline.
2. Lower time frame bearish pullback to discount Fibonacci levels.
3. Psychologically speaking, I don’t feel comfortable buying an asset above liquidity, lol. (Not a financial advise though)