Following from my previous post on the second update of the Gold bearish Forecast, Gold (XAU/USD) offered another Optimal Trade Entry today.
The war in Palestine has driven the price of Gold higher than expected over the last couple of weeks. However, this is still within the OTE from the bullish leg up to $2,080+.
When reviewing on a higher time frame there is still a possibility for Gold to come and sweep the lows towards $1,675 as price has rejected from an area of historical resistance which typically drives price down to the lows. This also coincides with the fact that price swept a weekly buy side liquidity pool which rested above the 62% re-tracement. Additionally gold tapped into an M30 FVG within the Daily imbalance that was formed on the aggressive bearish leg down towards $1,810.
The entry was taken at the bottom of the extreme M1 imbalance that formed with stops above the M30 FVG.
Another displacement has been left behind which offers a potential sell entry as long as price retraces back into a discount zone of the bearish leg and depending on its reaction.
Please like and share and be sure to follow the updates of this idea!
DISCLAIMER: All ideas are my own thoughts and opinions and should not be taken as financial advise.
The war in Palestine has driven the price of Gold higher than expected over the last couple of weeks. However, this is still within the OTE from the bullish leg up to $2,080+.
When reviewing on a higher time frame there is still a possibility for Gold to come and sweep the lows towards $1,675 as price has rejected from an area of historical resistance which typically drives price down to the lows. This also coincides with the fact that price swept a weekly buy side liquidity pool which rested above the 62% re-tracement. Additionally gold tapped into an M30 FVG within the Daily imbalance that was formed on the aggressive bearish leg down towards $1,810.
The entry was taken at the bottom of the extreme M1 imbalance that formed with stops above the M30 FVG.
Another displacement has been left behind which offers a potential sell entry as long as price retraces back into a discount zone of the bearish leg and depending on its reaction.
Please like and share and be sure to follow the updates of this idea!
DISCLAIMER: All ideas are my own thoughts and opinions and should not be taken as financial advise.
Trade closed: stop reached:
This trade was stopped out at break even.