Wherever the market goes we go!
----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> Break & Close of Major S/R Structure - Bullish or Bearish
----> Candle - Structure - Fib - Bias - Overall
Weekly - Market bias still remains bearish. Price as broken and closed below the previous weekly support ending in a strong bearish candle. Price is in the fib extension zone and as created a lower low. How strong will the pullback be (time-frame dependant) or could we see strong tailwinds supporting the bears.
Daily - Price has made a lower low in more detail and again finished below the weekly support now turned resistance. It is possible to see a retest of structure (time-frame dependant) before gaining moment to the south side.
4hr - Here we see a higher low has been created by the market. A bullish engulfing/ morning star pattern formation as formed and although it is on a major structure it is within the zonal areas of the weekly support. Could we see price reversing and supporting a bullish run for the week or is it a mere pull back to the weekly and 4hr support turned resistance?
1hr - From the charts, the market supports looks to carry out a retracement to the weekly and 4hr resistance levels. Before continuing the bearish trend.
Sell
Entry: 1280/1282.5
Target: 1253/1260
SL: 1285.5
----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> Break & Close of Major S/R Structure - Bullish or Bearish
----> Candle - Structure - Fib - Bias - Overall
Weekly - Market bias still remains bearish. Price as broken and closed below the previous weekly support ending in a strong bearish candle. Price is in the fib extension zone and as created a lower low. How strong will the pullback be (time-frame dependant) or could we see strong tailwinds supporting the bears.
Daily - Price has made a lower low in more detail and again finished below the weekly support now turned resistance. It is possible to see a retest of structure (time-frame dependant) before gaining moment to the south side.
4hr - Here we see a higher low has been created by the market. A bullish engulfing/ morning star pattern formation as formed and although it is on a major structure it is within the zonal areas of the weekly support. Could we see price reversing and supporting a bullish run for the week or is it a mere pull back to the weekly and 4hr support turned resistance?
1hr - From the charts, the market supports looks to carry out a retracement to the weekly and 4hr resistance levels. Before continuing the bearish trend.
Sell
Entry: 1280/1282.5
Target: 1253/1260
SL: 1285.5
Comment:
Price initially followed the bearish bias to the downside but failed to break the 4hr support. This was also backed by the early AUD fundamental announcement early doors on the 24th @ 2am. Because AUD is a commodity backed currency (gold), it correlates and moves as with GOLD. With these two factors, a series of string confluences ensured that we entered a buy entry into GOLD as we were expecting a retest of the zonal support turned resistance after breaking the weekly support.