Hello traders.
After a long bullish move for gold, I can see that there are many sell order in the zone 1660-1680 based on volume profile.
The area of 1675 - 1707 which used to be great demand area - ideal for longs, is not valid as support any more. Despite the global financial crisis, USD is getting really strong in the mid-term. The Demand zones close to 1570 and 1470 respectively, have not been visitied by price action since long time ago. Technical analysis is a depiction of
mass psychology included retail traders and banks. I can observe a significant selling direction. But, they will go for stop hunting for sure.
Any price action of candles even closed above 1680 and any similar spikes will be great for sells. Reduce your lot sizes and prepare for over 1000 pips move.
1615 level was exposed pointing weakness of gold buyers. There are huge wicks at weekly demand zones which indicate huge sell orders back then with liquidity left.
This sell orders come from hedge funds and big institutions and they must be closed without loss. For more than 2 years, these insitutions kept their sell orders by putting hedge strategies towards the ATH of gold. Now it seems that the time has come to finish it. We can't be sure what will come next. I believe that for long term buys, the ideal areas are 1350-1470. For prop firm traders with obligations and rules, this strategy can be broken down to quite smaller TP levels. But for those who trade without time constraints and they try to increase their small account, please reduce your lot to as minimum as possible. This pair is getting really low.
Weekly TF is trong as well as Daily. If picture is not clear, change to 4H or 1H for quicker moves taking advantage of the trend (Do not counter trend it is more risky).
Market Makers will not give that profit to us easily. Instead, they will definitely try to trap us by creating fake and short - time buy orders, this is why I draw bigger price areas and I apply big SL levels.
You can find short entry levels by applying Fib retracement to big impulses and help yourself. Remember that you must always rely on your analysis and R:R management. This is just my idea, not a signal!!!
Good luck and please provide feedback with comments and analysis!
After a long bullish move for gold, I can see that there are many sell order in the zone 1660-1680 based on volume profile.
The area of 1675 - 1707 which used to be great demand area - ideal for longs, is not valid as support any more. Despite the global financial crisis, USD is getting really strong in the mid-term. The Demand zones close to 1570 and 1470 respectively, have not been visitied by price action since long time ago. Technical analysis is a depiction of
mass psychology included retail traders and banks. I can observe a significant selling direction. But, they will go for stop hunting for sure.
Any price action of candles even closed above 1680 and any similar spikes will be great for sells. Reduce your lot sizes and prepare for over 1000 pips move.
1615 level was exposed pointing weakness of gold buyers. There are huge wicks at weekly demand zones which indicate huge sell orders back then with liquidity left.
This sell orders come from hedge funds and big institutions and they must be closed without loss. For more than 2 years, these insitutions kept their sell orders by putting hedge strategies towards the ATH of gold. Now it seems that the time has come to finish it. We can't be sure what will come next. I believe that for long term buys, the ideal areas are 1350-1470. For prop firm traders with obligations and rules, this strategy can be broken down to quite smaller TP levels. But for those who trade without time constraints and they try to increase their small account, please reduce your lot to as minimum as possible. This pair is getting really low.
Weekly TF is trong as well as Daily. If picture is not clear, change to 4H or 1H for quicker moves taking advantage of the trend (Do not counter trend it is more risky).
Market Makers will not give that profit to us easily. Instead, they will definitely try to trap us by creating fake and short - time buy orders, this is why I draw bigger price areas and I apply big SL levels.
You can find short entry levels by applying Fib retracement to big impulses and help yourself. Remember that you must always rely on your analysis and R:R management. This is just my idea, not a signal!!!
Good luck and please provide feedback with comments and analysis!